The Law Firm of David Chase is reviewing allegations made against Melville, New York based Wells Fargo broker Alan Rose by multiple clients in complaints claiming unsuitable investment recommendations of Puerto Rico municipal bonds.
According to FINRA’s BrokerCheck report on Rose, in May 2015 a customer complaint alleging unsuitability and misrepresentation relating to Puerto Rico Bonds was filed seeking $500,000 in damages. The complaint stems from Rose’s conduct while he was associated with UBS Financial services. Rose is currently employed as a registered representative by Wells Fargo at its Melville, NY office.
A more recent complaint against Rose was filed in January of 2017, which seeks over $100,000 in damages based upon an alleged overconcentration in unsuitable investments while Rose was a stock broker at Wells Fargo.
The making of unsuitable investment recommendations and overconcentration are both serious forms of broker misconduct. A stockbroker’s employing firm is responsible for supervising its advisors to detect and ideally prevent such misconduct from happening in the first place. A securities firm’s failure to reasonably supervise, whether because it did not have reasonable policies and procedures in place, or because it failed to follow them (or both), may be a viable claim to be pursued against a FINRA brokerage firm in a FINRA arbitration proceeding that seeks to recover losses due to inappropriate investment recommendations.
Among other core principles, stockbrokers and financial advisors are required to recommend only suitable investments to their customers. This necessarily requires that the financial representative investigate and conduct due diligence into the investment’s attributes, including its benefits, risks, tax consequences, etc. before soliciting its sale. Additionally, once the advisor understands the financial product, he must ensure that it is appropriate for the customer to whom he is recommending it, as determined by the customer’s age, risk tolerance, investment objective, tax bracket, et.
If you have lost money on an investment recommended by your financial advisor that you believe was unsuitable for you, you may be able to recover some or all of your lost money.
FINRA arbitration is a fast, efficient way to recover your lost investment funds due to stockbroker misconduct, including unauthorized trading or unsuitable investment recommendations. The Law Firm of David Chase works on a contingency fee basis, meaning you pay it nothing unless it recovers money for you.
If you invested with Alan Rose and Wells Fargo and have lost money doing so, you may be able to recover some or all of your losses. David Chase is experienced in recovering investor losses due to stockbroker and securities brokerage firm misconduct and mismanagement through FINRA arbitration.
The Law Firm of David Chase represents investors nationwide. If you have questions about your ability to recover your investment losses, please contact David Chase for a free confidential at david@davidchaselaw.com or toll-free at (800) 760-0912.
