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Wells Fargo Advisors / Broker fraud

1 United States Review updated:

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

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  • St
      25th of Dec, 2010

    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.

    0 Votes
  • Ja
      8th of Jan, 2011

    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.

    +1 Votes
  • Ch
      23rd of Jan, 2011

    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?

    0 Votes
  • Me
      29th of Dec, 2011

    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.

    +1 Votes
  • Ja
      30th of Dec, 2011

    Wells Fargo must want brokers who make money for the company and have no commitment toward their clients.

    +1 Votes
  • We
      20th of Apr, 2012

    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: 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.

    +2 Votes
  • Ja
      21st of Apr, 2012

    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.

    0 Votes
  • Jp
      22nd of Oct, 2012

    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 ###s 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 ###s 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.

    0 Votes
  • Sh
      18th of Jul, 2013

    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…

    0 Votes
  • Di
      25th of Jul, 2013

    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?

    0 Votes
  • Je
      26th of Jul, 2013

    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!

    0 Votes
  • Kp
      4th of Feb, 2014

    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).

    +1 Votes
  • De
      11th of Feb, 2014

    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 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

    0 Votes
  • Ha
      6th of Dec, 2014

    Love reading these comments and complaints that contain so many grammatical errors it's laughable!!! Wells Fargo has nothing to do with your issues just like any financial firm for that matter. If you don't get it, don't buy it. The market should go up in a straight line I guess, if not they must be criminals.

    +1 Votes
  • Ki
      18th of Feb, 2019

    @Hahahah shahada I take such offense to your comment; you are the one who does not know what he is talking about. My father had an account with Wachovia for years with a broker who then let his son handle it, it then merged with Wells Fargo. Once my father was declining with progressive dementia, widowed, alone in an assisted living facility, he called him every day, and traded 300 times in one year in his account. All, yes every single one of the investments were in junk bonds, and distressed bonds. He was 90 years old at the time. Just one example, a bond with the Bank of Greece in 2009, when Greece was on the brink of bankruptcy. There are many other examples. The following year, he traded into speculative companies, the majority of which were under $15 per share. About 25% of the stocks went bankrupt, and he lost everything. The remainder lost, at a time when the market was going up astronomically, as we recovered from the "Great Recession". He pretended like he was my Dad's buddy, and betrayed him, once he was too confused to understand.

    Most investors are not sophisticated investors, because it is not their line of business. Unfortunately the public is not aware that their brokers do not have fiduciary duties, and, if you want to talk about uneducated, his broker was just about the least intelligent/informed individual I have ever met that did not have a chromosomal abnormality, and I am being dead serious. Example: When I asked him about his knowledge of healthcare sector stocks, including pharmaceutical companies, and biotech companies (not including insurers), he said that he "didn't really know about them." The only one that he said he knew about/could think of was "Johnson & Johnson". I am not kidding. This guy had been a broker for approx. 20 years at the time. Yes, an entire sector of the stock market of which he was ignorant.

    The public is not aware that brokers can call themselves financial advisors, even though they have a duty of "suitability", not a "fiduciary duty". The name Wells Fargo "Advisors" is completely misleading, and allowed by the industry, even though you may be dealing with someone who only has a brokers license, and is not a financial advisor. Moreover, brokers can call themselves financial advisors, even though they only have a broker's license and the SEC continues to allow it. Additionally, employees who are both financial advisors and brokers, can call themselves only financial advisors, but be acting like a broker, rather than a financial advisor. This is just the tip of the iceberg. Do not ever insult someone who lost their lost savings due to fraud. I am refraining from saying what I think of you, and your sanctimonious self.

    0 Votes
  • Tr
      11th of May, 2015

    Most posts here complain about bad investment advise. That is true.
    But you need to understand why that is true. Most of the Wells Fargo brokerage brokerage advisers are regular Joe Schmoes from the street. This Joe does not receive any specific education that makes him qualified to handle your money. He is also not allowed to handle the High Value Clients, because Wells Fargo do not want to lose those clients.

    Unfortunately Joe is pressured to close clients, under a quota. This makes Joe work hard to close the deal, but he doesn't see a return on investment taking care of you later on.

    Bottom line is that Wells Fargo is pushing products that benefit Wells Fargo. Their advisers rarely have enough knowledge, nor enough flexibility, to invest properly for you. The number of investment products available are almost unlimited, and you need a very intelligent person to properly navigate that market. Unfortunately, if you have less than 5 million in your savings account, you rarely get to meet that adviser.

    The complaints are valid, the fault is Wells Fargo's. They're selling their advisers as "Experts", when they are are not.

    +1 Votes
  • Ar
      3rd of Dec, 2015

    I met with 2 planners at a wells fargo bank today. They were unable or unwilling to tell me how much it would cost me for them to plan and manage my money. Strike 1. They were unable or unwilling to provide me with any referrals or metrics that would indicate a measure of the advisor's success or failure, or even one of customer satisfaction. Strike 2. Tonight, I found this web site. Strike 3.

    +2 Votes
  • Ro
      16th of Dec, 2015

    In 2014, I went to Wells Fargo Advisors to put $6500 in an IRA for tax purposes. I had been doing business with one individual who put me into deferred annuities which had been giving me three per cent interest for the last ten years. I was relatively content with the return and wanted to add to it at the end of the year. Unfortunately, the person who I had been working with retired. I was referred to another individual who pressured me into putting the additional money into a Franklin Templeton mutual fund of which I had absolutely zero understanding. He convinced me it would give a much better return than the guaranteed annuity I had been happy with. From day one, it started losing money and has not recovered to this date. I am down around $700 from the initial $6500. When I called to find out why this fund was doing so bad, I was told my account had been transferred to an individual I had never met. I called his phone number and got a voice mail saying he was unavailable and I should call his assistant. I called the assistant and she gave me short shrift basically telling me they would sell it at a loss if I was really unhappy. I was not trying to get rich on $6500. I just wanted a tax write off. However, I did not want to give ten cents to anyone associated with Wall street. Every time I called to talk to someone, I got the long distance run around. I have to wait until 2016 to sell to avoid paying more taxes this year. After that, I will never do business with this firm again. I was treated very shabbily whenever I complained. They made me feel more like a pest than a valued client.

    0 Votes
  • Be
      17th of Feb, 2016

    Been trying for 7 weeks to get my Ira transferred out of Wells Fargo. It's been a nightmare. They give me info on what I need in order to complete the transfer but I got 2 letters a week apart stating I didn't send the required documentation to complete the transfer. I called and they told me I needed some other information and yet again, for the third time, I get another letter saying the request cannot be completed because info is missing on the transfer request. Needless to say I'm beyond angry. Those advisors are completely incompetent!!! I have no words to describe my utter distaste for this company.

    0 Votes
  • Ro
      20th of Feb, 2016

    Totally agree. This is the most dishonest group of individuals I have ever done business with. Getting out of their grasp is a lot harder to do then getting into their bad investments. I don't know how Wells Fargo can continue having this firm doing business under the Wells Fargo name even though they are independent contractors. As far as I'm concerned, this is legalized robbery of average working people being put into the hands of so called financial experts and the casino gamblers on Wall street . When you ask about higher interest rates, the immediately refer you to the brokerage people sitting in a cubicle inside the bank. That is how I got taken in by one of these people who claim to be experts in finance. For all intents and purposes, you have no recourse once they have taken your money away through their bad investment advise. They are the reason so many people are fed up with the banking sector. It is a rigged game on behalf of the big banks.

    0 Votes
  • Ma
      10th of Mar, 2016

    Horrible company: My Wells Fargo advisor didn't take the time to look at my account. My advisor told me I didn't have a guarantee on my account. When it was set up years ago, I was told it had a guarantee but I couldn't remember what it was called. Turned out it was called Guaranteed Minimum Income Benefit (GMIB). The statements had changed over the years. Originally the GMIB was shown on the statement and then they changed and it wasn't there. My advisor said I didn't have one, then he said he needed to change my account to custodial which he said was normal. After which he canceled my contract which had the GMIB on it and he did not need my signature because of it being a custodial account. All this done without my knowledge. Then he moved everything into mutual funds. My original $61, 000 in 2003 is down to $15, 000. My wells fargo advisor lied to me over and over. Now finra is going to decide if he did anything wrong. What did he do right? Also I have to pay $1000 to go to arbitration to see if I can get any money back. If he hadn't lied to me and just left my account alone, I would still have my money. But I guess he wanted to make some money, so he robbed me of my retirement. Of course, Wells Fargo turned it around saying it was my fault, that I should have known. What was his job?

    +1 Votes

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