The investment fraud attorneys at Gana Weinstein LLP have been investigating Wells Fargo Clearing Services, LLC (Wells Fargo) broker Walter Stucker (Stucker). According to BrokerCheck Records kept by the Financial Industry Regulative Authority (FINRA), Stucker has been subject to three customer disputes, one of which is still pending. The majority of these disputes involve the false representation and unsuitable recommendation of securities in the energy sector and oil and gas limited partnerships.
In April 2018, a customer alleged that from 2011 to 2017, Stucker falsely represented the nature of sector securities to the customer by omitting the risks associated with the securities. The customer also alleged that Stucker unsuitably over-concentrated the customer’s funds into these investments. The customer has requested $600,000 in damages. This dispute is currently still pending.
In December 2017, a customer alleged that from July 2011 to December 2017, Stucker misrepresented the risky and volatile nature of oil and gas limited partnerships to the customer and unsuitably over-concentrated the customer into these investments. The customer requested $632,907 in damages.
Our firm is investigating potential securities claims against brokerage firms over sales practices related to the recommendations of oil & gas and commodities products such as exchange traded notes (ETNs), structured notes, private placements, master limited partnerships (MLPs), leveraged ETFs, mutual funds, and individual stocks.
Before recommending investments in oil and gas and commodities related investments, brokers and advisors must ensure that the investment is appropriate for the investor and conduct due diligence on the company in order to understand the risks and prospects of the company. Oil and gas and commodities related investments have been recommended by brokers under the assumption that commodities prices would continue to go up. However, brokers who sell oil and gas and commodities products are obligated to understand the risks of these investments and convey them to clients.
False representations include statements that omit or misrepresent information that is material to an investor. The misrepresented information often induces the purchase, sale, or holding of a security. FINRA Rule 2210 also require representations to investors be balanced in light of all the information being provided to the investor.
Stucker has been in the securities industry since 1991 and has been registered with Wells Fargo since May 2017. From April 2008 to May 2017, Stucker was registered with UBS Financial Services Inc. From December 1991 to April 2008, Stucker was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated.
Investors who have suffered losses may be able recover their losses through securities arbitration. The attorneys at Gana Weinstein LLP are experienced in representing investors in cases of security fraud and brokerage firms failure to supervise their representatives. Our consultations are free of charge and the firm is only compensated if you recover