Securities Lawyers Blog
The investment lawyers at Gana Weinstein LLP have experience helping investors determine whether their portfolio losses at investment firms, such as Wells Fargo Advisors Financial Network, LLC, were caused by broker misconduct. There are many different ways that your broker can impermissibly drain your accounts. Our attorneys can help you understand the cause of your investment losses, uncover misconduct, and apply the law to hold accountable those responsible.
Wells Fargo Advisors Financial Network, known as FiNet, is the Wells Fargo brokerage platform for financial advisors who run their own independent practices as contractors and draw on Wells Fargo’s brokerage, clearing, and wealth management resources. As part of Wells Fargo, one of the largest financial institutions in the United States, FiNet serves as the company’s main channel for advisors who choose to go independent.
Wells Fargo Advisors Financial Network, LLC – By the Numbers:
- CRD #: 11025
- Regulatory Events: 35
- Arbitration Events: 39
- Broker Employees: 4,522
Wells Fargo Advisors Financial Network, LLC – Investment Advisors:
- SEC #: 57434
- Assets Under Management: $252,251,271,984
- ADV Form Employee: 4,047
Wells Fargo Advisors Financial Network, LLC – In the News:
FINRA v. Wells Fargo Advisors Financial Network, LLC (Case #2016050947801) – From July 2013 through June 2018, Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (together, Wells Fargo) failed to establish and maintain a supervisory system that was reasonably designed to achieve compliance with FINRA’s suitability rule as it pertains to early rollovers of Unit Investment Trusts. Wells Fargo therefore violated NASD Rule 3010, FINRA Rule 3110, and FINRA Rule 2010.
FINRA v. Wells Fargo Advisors Financial Network, LLC (Case #2020066327501) – From 2003 to August 2020, the firms failed to store approximately 13 million records related to their customer identification program—an integral part of an anti-money laundering program—in the required WORM format. The firms first became aware of the issue in November 2016, prior to the execution of the December 2016 AWC, while efforts to remediate their books and records violations were underway, and before they provided to FINRA the certification pursuant to the December 2016 AWC. The firms did not advise FINRA of the issue when it was discovered, and failed to take steps to fix and remediate this deficiency, or report it to FINRA, for more than three years thereafter.
FINRA v. Wells Fargo Advisors Financial Network, LLC (Case #2016052124001) – From January 2011 through August 2016 (the “Relevant Period”), Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (together “Wells Fargo” or the “Firm”) failed to establish and maintain a supervisory system, and failed to enforce written supervisory procedures (“WSPs”), that were reasonably designed to achieve compliance with FINRA’s suitability rule as it pertains to switches from variable annuities to investment company products. Based on the foregoing, Wells Fargo violated NASD Rule 3010 (for conduct before December 1, 2014), FINRA Rule 3110 (for conduct on or after December 1, 2014), and FINRA Rule 2010.
FINRA v. Wells Fargo Advisors Financial Network, LLC (Case #2015043740201) – Between June 2009 and June 2015 (the “Relevant Period”), Respondents failed to establish, maintain, and enforce reasonable supervisory systems for the use of consolidated reports generated by their registered representatives through a particular application (the “Application”) that the Firms made available to their registered representatives. Respondents failed to review the content of the consolidated reports generated using the Application (the “Application Reports”), including customized values for assets and accounts held away from the Firms. Further, the Firms failed to provide a mechanism allowing their representatives to designate which Application Reports were actually provided to customers. Respondents could not distinguish between draft Application Reports and Reports that were completed and sent to customers, which should have been subjected to the Firms’ supervisory systems designed to review customer communications. Through this conduct, WFA and WFAFN violated NASD Rule 3010 (for conduct prior to December 1, 2014), and FINRA Rules 3110 (for conduct on and after December 1, 2014) and 2010.
Gana Weinstein LLP has successfully handled hundreds of customer investment disputes with their brokerage firms. Our attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free and we welcome all inquiries.