Securities Lawyers Blog
The law offices of Gana Weinstein LLP represents investors in investment disputes with their financial advisors or brokerage firms, such as Wells Fargo Prime Services, LLC. Many investors do not recognize financial advisor misconduct when it happens, but there are steps that can be taken to recover investment losses. There are many different types of broker misconduct, including breach of fiduciary duty, failure to supervise, misrepresentation, and churning. The attorneys at Gana Weinstein LLP can analyze your investments to determine if there was actionable misconduct by the broker or brokerage firm.
Wells Fargo Prime Services, LLC is a Wells Fargo broker-dealer that provides prime brokerage services, including clearing, securities lending, custody, margin financing, and reporting, to customers of Wells Fargo Securities. Based in San Francisco, the firm is registered with both the SEC and the CFTC as a securities and futures broker-dealer and is owned by Wells Fargo & Company.
Wells Fargo Prime Services, LLC – By the Numbers:
- CRD #: 133068
- Regulatory Events: 4
- Broker Employees: 49
Wells Fargo Prime Services, LLC – In the News:
FINRA v. Wells Fargo Prime Services, LLC (Case #2016049784101) – Beginning in October 2014 and continuing to the present (the “Relevant Period”), WF failed to maintain a vast number of electronic brokerage records in non-erasable and non-rewritable format, known as WORM format, as required by Section 17(a) ofthe Exchange Act of 1934 (the “Exchange Act”), Rule 17a-4(f) thereunder and FINRA Rule 4511. WF’s WORM-related deficiencies primarily occurred from February 2015 through April 2016 when, during this time, WF failed to maintain approximately 350 million records in WORM format. WORM stands for ”write once, read many,” and is intended to prevent the alteration or destruction ofbroker-dealer records stored electronically. During the Relevant Period, the Firms also experienced related audit and attestation deficiencies affecting the ability to adequately retain and preserve electronic records, in violation of Exchange Act Rule 17a-4(f) and FINRA Rule 4511. Finally, the Firms failed to enforce written supervisory procedures relating to the WORM requirement, in violation ofNASD Rule 3010 and FINRA Rule 3110.
Gana Weinstein LLP has successfully litigated broker disputes through verdict or settlement. We represent both individuals and institutions throughout the country in FINRA arbitration, as well as commercial litigation in state and federal courts. Our consultations are both free and thorough and our securities litigation attorneys can help you uncover wrongful activity in your account.