Securities Lawyers Blog
The securities attorneys at Gana Weinstein LLP have been investigating Wells Fargo Clearing Services, LLC (Wells Fargo) broker Bryan Musso (Musso). According to BrokerCheck Records kept by the Financial Industry Regulatory Authority (FINRA), Musso has been subject to six customer disputes, one of which is still pending. The majority of these disputes concern unsuitable investment recommendations in retirement plans and in oil and gas securities. The law offices of Gana Weinstein LLP continue to report on investor related losses and potential legal remedies due to recommendations to investor in oil and gas and commodities related investments.
Most recently, in December 2017, Musso was subject to a customer dispute in which a customer alleged that Musso placed the customer in unsuitable oil and gas securities. This dispute is currently still pending.
In May 2011, a customer alleged that Musso made poor, unsuitable retirement plan recommendations and placed the customer into unsuitable investments. The case was settled at $445,220.
Our firm is investigating 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. Oil and gas and commodities related investments have been recommended by brokers under the assumption that commodities prices would continue to go up. However, there are risks associated with oil and gas and commodities products that brokers are obligated to understand and convey to clients.
Before recommending investments in oil and gas and commodities related investments, brokers and advisors must ensure that the investment is suitable for the investor and conduct due diligence on the company in order to understand the risks and prospects of the company. For an investment to be suitable for the client, there must be reasonable basis for the investment recommendation based off the broker’s research and due diligence into the investment’s properties such as benefits, risks, tax consequences, and other relevant factors. The broker must also match the investment appropriately to the customer’s specific investment needs and objectives including the client’s retirement status, long or short term goals, age, disability, income needs, or any other relevant factor.
Musso entered the securities industry in January 1993 and has been registered with Wells Fargo since February 2010. From June 2009 to March 2010, Musso was registered with Morgan Stanley Smith Barney. From August 2002 to June 2009, Musso was registered with Citigroup Global Markets Inc. From January 1993 to September 2002, Musso was registered with Morgan Stanley DW Inc.
Gana Weinstein LLP’s investment fraud attorneys represent investors who have suffered securities losses due to the mishandling of their accounts due to claims of unsuitable investments. The majority of these claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.