Hanley Law is currently investigating claims against Douglas West (CRD No.: 724774) and Wells Fargo Advisors, LLC (CRD No. 19616). The Hanley Law recently filed a FINRA Arbitration claim on behalf of a Claimant in which it was alleged that registered representative Douglas West made unsuitable recommendations to Claimant to purchase investments heavily weighted in the real estate sector. In fact, the majority of Claimant’s retirement portfolio was allocated to equities or equity funds including:
- Alpine Total Dynamic Dividend Fund
• American Capital Ltd.
• American Home Mortgage Investment Corp.
• Cohen & Steers Premium Income Realty Fund, Inc.
• Cohen & Steers REIT & Preferred Income Fund, Inc.
• Health Care REIT, Inc.
• ING Clarion Global Real Estate Income Fund
• Kohlberg Capital Corp.
• MLP & Strategic Equity Fund, Inc.
• PIMCO High Income Fund
• TEPPC Partners UT, LP
Claimant alleges that as a result of Wells Fargo Advisors over allocation of his portfolio into equity investments and the real estate sector that Claimant’s IRA account suffered devastating losses from 2007 through the present. Claimant alleges that his investment losses are the direct result of Wells Fargo Advisors’ failure to adhere to their own asset allocation models. Claimant alleges that due to the misconduct of Douglas West and Wells Fargo Advisors, Claimant has suffered out-of-pocket losses for which he seeks a recovery.
Claimant has alleged that Respondent Wells Fargo Advisors is liable for common law fraud; breach of fiduciary duty; breach of contract; breach of the implied covenant of good faith and fair dealing; and negligence. Claimant has alleged that Wells Fargo Advisors breached FINRA rules, including but not limited to, FINRA rule 2111, 2110 and 3010 which are the basis for and the standard of care for FINRA member firms and their associated persons. Claimant further alleged that Wells Fargo Advisors was negligent in the hiring, retention, and supervision of Douglas West.
If you were a client of Douglas West or Wells Fargo Advisors and have suffered investment losses, please contact the Hanley Law to explore your legal rights. The Hanley Law is dedicated to helping investors who have been victims of securities fraud. If you have lost money as a result of securities fraud, you may be able to recover your financial losses. Contact us today toll free at (239) 649-0050 for a free initial consultation.