Meyer Wilson Investigating Allegations Involving Former Wells Fargo Broker Brent W. Burgesser
The investment fraud lawyers at Meyer Wilson are currently investigating allegations involving a former broker with Wells Fargo Advisors, Brent W. Burgesser.
Brent W. Burgesser (CRD# 3278147) has been accused by the Financial Industry Regulatory Authority (FINRA) of making unsuitable investment recommendations relating to mutual funds, in violation of NASD Rule 2310(a). According to FINRA's Letter of Acceptance, Waiver and Consent, Burgesser made various mutual fund transactions in his customers' accounts, selling the mutual funds usually after just 1.5 to 3 months. When he did sell, according to FINRA, it was “only to buy and sell another mutual fund.”
The letter also notes that the only investments Burgesser bought and sold for the accounts in question were Class A mutual funds, shares of which require the customer to pay upfront sales charges or “front-end loads” per trade. In total, FINRA accuses Burgesser of making 83 unsuitable short-term switches in his customers' accounts over a three-year period.
Allegedly, Burgesser also failed to inform his customers of other types of shares available for investment, as well as options that could have saved them money. While Burgesser's customers suffered financial loss on their investments, Burgesser benefited in the form of commissions, says FINRA.
According to FINRA's allegations, Burgesser did not have reasonable grounds to make the buying and selling decisions that he did. Brokers are responsible for making suitable investment recommendations in their client's best interests.
You can learn more about unsuitability by viewing our resources:
- What Is Unsuitability?
- Unsuitable Trades Can Lead to Financial Loss
- When Is An Investment Unsuitable?
If you invested with Brent W. Burgesser, formerly with Wells Fargo Advisors, and you suffered financial loss on your investments, we invite you to contact Meyer Wilson today. We are currently investigating allegations surrounding this broker, so please get in touch with our firm to learn your legal rights and options.