Wells Fargo broker Jeffrey Randolph Wilson (CRD# 1161819) is the subject
of a currently-pending customer dispute alleging that Wilson sold unsuitable
energy securities and also made misrepresentations and engaged in excessive trading.
In addition to the currently-pending dispute, regulatory records show that
Wilson has been the subject of at least three other customer disputes.
In one dispute filed in 2016, a customer similarly alleged that Jeffrey
Wilson recommended unsuitable energy securities. This dispute settled
A second dispute also filed in 2016, alleged unsuitable recommendations.
In that case a FINRA arbitration panel awarded the customer $357,000.
A third customer dispute filed in 2015 ultimately settled for $275,000.
Jeffery Randolph Wilson has been registered as a broker for 34 years. Most
recently he has been registered in New Mexico with Wells Fargo Clearing
Services. Between 2014 and 2016, Wilson was with Wells Fargo Advisors
LLC in New Mexico. From 2009 until 2014, Jeffrey Wilson was registered
with Morgan Stanley, also in New Mexico. From 2007 until 2009, he was
with Morgan Stanley & Company in New Mexico. Prior to that, he was
with Merrill Lynch in New Mexico from 1985 until 2007 and New York Life
Securities Corporation from 1983 until 1985.
Unsuitable Energy Securities and Other Investments
Clients rightfully expect that their brokers and financial advisors will
make appropriate recommendations to them about how they should invest
their money. In fact, brokers and financial advisors have a legal and
ethical obligation to recommend suitable investments to their clients.
The “Know Your Customer” Rule, FINRA Rule 2090, requires brokers
to obtain sufficient information about their clients to make suitable
recommendations about investments.
Unfortunately, brokers do not always follow the Know Your Customer Rule.
Before making a recommendation, brokers should obtain the following information
about their client:
- Current financial status
- Investment goals
- Financial needs
- Risk tolerance
If the client cannot afford the potential losses or does not understand
the risks, the investment is unsuitable. Further, if an investment will
not meet the client’s future financial needs or investment goals,
it is considered unsuitable.
Investors can recover their losses if their broker makes an unsuitable
recommendation by filing mandatory arbitration claims in FINRA.
If your broker made unsuitable investment recommendations that caused you
to lose money,
contact the attorneys at Meyer Wilson today.