Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Fowler (Fowler), currently associated with Wells Fargo Clearing Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Fowler recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $323,712.70 on February 21, 2023.
CLIENT ALLEGED, THROUGH HER ATTORNEY, THAT REGISTERED REPRESENTATIVES SHOULD NOT HAVE ADVISED HER AND HER HUSBAND TO DIVERSIFY THEIR PORTFOLIO. CLIENT ADMITTED THAT THE PORTFOLIO CONSISTED ENTIRELY OF JUST THREE EQUITY HOLDINGS, BUT CLAIMS THAT REGISTERED REPRESENTATIVES SHOULD HAVE WAITED UNTIL HER HUSBAND PASSED AWAY TO SUGGEST THAT SHE DIVERSIFY THE PORTFOLIO, BECAUSE DOING SO WOULD HAVE ENABLED HER TO AVOID SOME CAPITAL GAINS TAX. CLIENT ALSO STATED THAT IN JANUARY 2022, REGISTERED REPRESENTATIVES RECOMMENDED 2 VARIABLE ANNUITIES TO PROVIDE GUARANTEED INCOME FOR LIFE, BUT ALLEGED THAT THE CONTRACTS WERE “FACIALLY UNSUITABLE” BECAUSE THEY REPRESENTED 87% OF HER LIQUID NET WORTH, AND THE CLIENT MOVED HER ACCOUNT TO ANOTHER FIRM WHERE SHE DECIDED TO SURRENDER THE CONTRACTS, INCURRING SURRENDER PENALTIES. CLIENT DEMANDS COMPENSATION FOR CAPITAL GAINS TAXES, SURRENDER PENALTIES AND OTHER DAMAGES. OCCURRENCE DATES: 1/1/2021-1/31/2023. ALLEGED DAMAGES: $323,712.70
