The securities arbitration lawyers at Colling Gilbert Wright & Carter are pleased to announce an award on behalf of their client against Well Fargo Advisors, LLC. in the amount of $66,000.00 plus arbitration fees. The complaint was filed with The Financial Industry Regulatory Authority (FINRA) and involved a recommended over concentration in the Oppenheimer Rochester Pennsylvania Municipal Fund Class C ("The Fund"). The Claimant asserted the following causes of action: unsuitability, misrepresentations and omissions, breach fiduciary duty, violations of NASD/FINRA Conduct Rules, negligence, failure to supervise, breach of contract, fraudulent misrepresentation and vicarious liability.
In the arbitration, the Claimant alleged that Wells Fargo and its investment representative recommended and purchased the Fund, while omitting and/or misrepresented material information by failing to disclose the potential for principal loss. Claimant further alleged the Wells Faro and its representative convinced him that the Fund was an appropriate income generating investment suitable for his retirement savings, however, had Claimant known the risk of loss, he would not have allowed Respondent to purchase the Fund. Finally, Claimant alleged that Wells Fargo failed to supervise the investment representative and failed to adequately monitor and supervise his brokerage account.
The complete Award Can Be Found Here.
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