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Wells Fargo Advisors Complaints & Reviews - Broker fraud

Wells Fargo Advisors Contacts & Informations

Wells Fargo Advisors

Posted:    Denver

Broker fraud

Complaint Rating:  70 % with 23 votes
Contact information:
Wells Fargo Advisors
United States
I was ripped off by my Broker at Wells Fargo Advisors and we lost our entire retirement. You all have rights if you lost money with Wells Fargo Advisors/Wachovia Securities.


My broker engaged in the following:


1. Bad Investment Advice


2. Unsuitable Investments


3. Failure to Follow Investor Instructions


4. Overconcentration or failure to diversify/Lack of Diversification


5. Breach of Contract


6. Misreprentations


7. False Statements


8. Failure to Disclose Information


9. Unauthorized Trades


10. Breach of Trust and Fiduciary Duty


11. Negligence


12. Conflicts of Interest among other clients
Comments United States Business & Finances
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Comments

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 25th of Dec, 2010 by   Stay Balanced 0 Votes
Wow if all that were true, why did you still lose all you retirement? You would think that if FINRA ruled in your favor, you would get your money back. You must have had something to do with your losses? Didn't you read your statements, or look at your confirms? I guess there is always two sides to every story, then there is the truth.
 8th of Jan, 2011 by   Jay917 0 Votes
I have dealt with Wells Farge brokers. They have "canned" programs which they try to drive their clients to. The firm is dedicated to strategic plans which they defend as the "best in the business." If they were so good they would be taking trades, they would be multi-millionaires. My opinion is to stay away from Wells Fargo.
 23rd of Jan, 2011 by   Chris Jogger 0 Votes
Wells Fargo Advisor in NY enticed this senior citizen to invest much of life's savings by using mis-representation and fraud. I signed their forms not understanding them. Signed them based on what I was verbally told (I took notes). Didn't want to lose a dime of my initial investment, and so far am down $3K. Told I'd get 4-1/2% interest and at one year they take 1% as fee. BS. After 5 months they took a fee. Do I have any chance if I take them to Small Claims Court? What govt agency should this be reported to?
 29th of Dec, 2011 by   Mere 0 Votes
Wells fargo is THE WORST. I want to spread the word loud a clear. I had a small IRA investment in a money market account which they promptly sent me over to their advisors when i asked about interest rates... I agreed with the fund they recommended but the fees having been adding up and up and up. it is not the market that is killing my balance it is their greed - with the highest fees around. I asked a dumb-dumb advisor a question in the branch and without my permission he changed the account over from a general brokerage account to one that was in his name so he could get the credit. Then it took 6 calls to get it transferred back. With the change between Wachovia and Wells Fargo - what was a waived annual fee when i set up the account - got thrown into being flagged as a fee account when Wells took over Wachovia which the representative no longer had control over it being waived because their policy had changed and i am no longer exempt. This is ALL within 7 months!!! I am so pissed off. Now to transfer the account out of Wells is $95 no matter how the distribution is done - raised from Wachovia's fee.

This is THE WORST investment advice and experience EVER. Greedy Executives. I will NEVER do investment business with them again and will continue to get the word out to advise others of the same.
 30th of Dec, 2011 by   Jay917 0 Votes
Wells Fargo must want brokers who make money for the company and have no commitment toward their clients.
 20th of Apr, 2012 by   WELLS FARGO ADVISORS SUCKS 0 Votes
We gave our Wells Fargo Advisor specific instructions to only invest 20% of our total retirement into Stocks. We had two accounts set-up specifically for this. He decided to disregard our instructions. He put 70% of our retirement money in stocks. From 2007 to 2008 we had lost over 55% of our entire retirement. Once we noticed what he had done we immediately took action. After having 5 Independent Reviews of our accounts by CFP/Experienced Stock Brokers it was determined that he had not followed our instructions. We ultimately ended up getting out of Wells Fargo Advisors and Stock Market entirely. Due to his failure to perform, we lost 25% of our retirement. We filed a complaint with FINRA but to no avail. FINRA is the self regulation arm of the industry. FINRA has not interest in protecting investors only Wells Fargo Advisors and The Brokerage Industry. The SEC was no help has they deferred us to FINRA. When you invest your money with Wallstreet, you are Investing into the Largest Casino in the World. Remember the House(Wells Fargo Advisor) wins 96% of the time. This website will provide an excellent review of the Investing in the Stock Market: http://www.investingfog.com/index.php Now I only invest in Secured Loans, Secured Notes, Asset Based Investments, and etc. I have worked day/night for 4 years to recover our losses. I learned a great deal, and will never let idiots like Wells Fargo Advisors handle my financial affairs/retirement.
 21st of Apr, 2012 by   Jay917 0 Votes
My experience with Wells Fargo investment brokers was not good. The broker informed me it was his way or the highway. They were going to transfer me to another broker after one put me into a losing fund and the other could not follow instructions. Wells Fargo does not have a good team; they are anxious to buy and sell; make commissions. I would not recommend Wells Fargo.
 22nd of Oct, 2012 by   Jp392 0 Votes
I am sitting in a wells Fargo office as i write this and am amazed at the level of incompetence of the main Wells Fargo offices. The kindly local guy is killing himself to help but the morons at the central office tell him eight different stories which will resolve the issue. None of which are actually accurate. How did this happen?

Wells Fargo advisors a second rate brokerage firm within the wells fargo bank conned the bank into forcing its customers with money markets to open a brokerage account. The n the advisor would call the account to try to get the brokerage business. Problem one of the morons where this handled incorrectly enters info into the account data base and triggers a alert that freezes the account. Now here's the rub. They bank accounts are available but the brokerage is not. It's like the keystone cops. I would put a dollar into the place. At the end of this here's how it will work. We will withdraw all of our funds from wfc and I will instruct mkt business not to do business with them either.
Wll it hurt them no but if my experience makes you decide not to do business with them then maybe it will.
 18th of Jul, 2013 by   SharonX 0 Votes
I just have bad experience with so call Financial Advisor from Well Fargo.

Wells Fargo’s so called “professional advisor” did not only excel with bad communications but showed a fundamental lack of investment knowledge and financial markets in particular. There was no broad knowledge or vision in regards to fiscal policy or economic conditions.

One glowing example was the Fed’s intention of tapering off QE3 and the rising interest rates causing many investors to flee the bond market. WF Advisor still recommended long term bond funds with restrictions and early selling penalties – not even talking about possible large losses in principal. To make matters worth, no strategy for damage control other than hold and loose even more! Based on my experience I can only caution potential investors to watch out – WF Advisors is certainly not going to do it…
 25th of Jul, 2013 by   Diana Grace 0 Votes
Here is an example of the total incompetence of Wells Fargo Investors: There is a story out of Cincinnati where 3 Fargo advisors, PJ Boland, Cory Jordan and Bob Prangley say that they were ripped off in an investment. It seems that they invested in a start up company and by their own admittance they failed to do their due diligence. They never read the financial statements, nor did they do any other kind of analysis! They were completely reckless with their own money, so why would anyone trust them with theirs?
 26th of Jul, 2013 by   JennyCraig 0 Votes
Hey, I have been looking around on the web for information about three Wells Fargo Advisors in Cincinnati who invested in a start up company (hello? Risky Business!) and when they lost their money they filed a law suit. Now they are trying to press criminal charges?!! I saw Diana Grace's post and had to respond, I've been trying to read up on this whole debacle. How could the three advisors, PJ Boland, Robert Prangley and Cory Jordan not understand risk? Don't they make their clients sign off on documents stating that they understand their investments are risky and that they could lose all their money? Wow, unbelievable! Who would place their money in Wells Fargo!
 4th of Feb, 2014 by   K Pape 0 Votes
Based on what I've read, can't trust them for investment advice. Based on personal experience, their "back office" is a mess, won't handle paperwork in a timely way, and the customer service people at Wellstrade don't have a clue what's going on with new account funding (they got the money-we can't get to it).
 11th of Feb, 2014 by   deidra boon 0 Votes
i' m thankful to have found this site today. I, too, have been trying to recover from the harm for the last 6 years. I am old, single was a homemaker without the technological savvy for today's workplace. But I work a low paying job, go without out food and heat as much as I can. I try to send as much as I can to my mother, wf knew I was responsible for her and my investments were earmarked for her support, mine and my children. I never took a trip, or went out to dinner. I was prudent and had witnesses and questioned advisers when I saw things that didn't match up with my needs. I met with them regularly as many people depended on me. There could of been no mistake that I was a conservative client. When a new contract, showed up at my home listing me as aggressive, I took in to the broker and was told not to worry about that. I feel silly re telling it all...in the end they lost my security and safety. and my daily living expenses. When I found out my heart beat so bad my sternum was bruised, i got shingles, met with three attorneys who all told me to count my blessings. arbitration could last a year and a half and cost me over $100.000. They advised me I got off easy and wf would only win in the end, in their three opinions. No one was going to feel sorry for me. It was hard to accept. Living like this wears a person down. I'm cold and hungry, but my children finished college and have good careers, so I have to be happy for that. No one knows how i have been ringing my hands, i don't want my kids to know, they deserve to be happy. I don't want to burden them, becuase wf robbed me, (just my opimion)...Its just so hard to see all your dreams die, get up and go to the job again and smile. I didn't deserve this, I was always careful, prudent, went without, so I could care for kids and parent. I feel like a loser

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