The Frankowski Firm is investigating potential claims against Wells Fargo Securities and its former brokers Charles Frieda and Charles Lynch, of Irvine, California, following a Financial Industry Regulatory Authority (“FINRA”) action banning them from the securities industry.
According to the FINRA sanctions, the two brokers recommended to a majority of their customers an unsuitable and highly risky investment strategy involving four speculative energy stocks. This strategy exposed their customers to significant losses and was devised without obtaining or considering the customers’ investment profile information to ensure the suitability of the recommendations.
The unsuitable recommendations were made between November 2012 and October 2015. Mr. Frieda was terminated by Wells Fargo in August and Mr. Lynch was terminated in April 2016. Both are now barred by FINRA from practicing in the securities industry.
If you or someone you know lost money in a Wells Fargo account as the result of unsuitable or misrepresented investments, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.