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Richard Michael Wesselt of Collegeville, Pennsylvania, as we noted on July 29, 2017, while associated with O.N. Equity Sales Company was the subject of customer initiated investment related written claim, which settled on October 24, 2016, for $24,257.14 in damages based upon allegations that Mr. Wesselt effected unsuitable transactions in the customer’s account.  

At the time, we also noted that Financial Industry Regulatory Authority (FINRA) Public Disclosure showed that Mr. Wesselt has been identified in eight more customer initiated investment related disputes, and that he had been associated with five different broker dealers, one of which has been expelled by securities regulators for violation of federal securities laws or is otherwise defunct.

However, today, we received a letter from Mr. Wesselt’s counsel, Michelle Atlas of AdvisorLaw LLC that the information contained on our website was false or needed to be updated because Mr. Wesselt was successful in obtaining the expungement of certain of these matters. In support of this request, counsel included Mr. Wesselt’s public disclosure report from February 18, 2020.

Certainly, Ms. Atlas was correct, and we complied with her request.

However, perhaps more importantly, given that Mr. Wesselt’s Public Disclosure Record, as provided by Ms. Atlas was 40 pages, we were also intrigued. So we checked ourselves.

It appears, at least as of February 20, 2020, according to FINRA Public Disclosure that Mr. Wesselt has been the subject of ten customer initiated investment related complaints or disputes, including five pending customer disputes. It may be useful to note that the five pending customer actions collective seek damages of $11,450,000. Not exactly a poultry sum.

It may also be usful to note that the prior five settled claims, were collectively settled for approximately $602,000, which Mr. Wesselt’s prior employers paid their customers as a result of their magnanimity. So we decided to perform some simple research.

Richard Wesselt is or at least was a claimant in three arbiration actions. Wesselt v. SA Stone Wealth Management Inc., FINRA Arbitration No. 19-01835; Wesselt v. SA Stone Wealth Management Inc., FINRA Arbitration No. 18-01977 and Wesselt v. The O.N. Equity Sales Company, FINRA Arbitration No 18-01854. In each of these cases, Mr. Wesselt was represented by AdvisorLaw LLC and specifically, Dochtor Kennedy.

Here is where things get interesting.

In Wesselt v. SA Stone Wealth Management Inc., FINRA Arbitration No. 19-01835, in addition to compensatory damages of $1, Wesselt sough to expunge one disclosable event, Occurrence Number 1939912. In response, SA Stone Wealth Management Inc., filed a counterclaim seeking damages of $32,972.60 “as indemnification/reimbursement for costs, fees and disbursements related to prior complaints and arbitrations.”

No one other than Mr. Wesselt and his counsel appeared at a “hearing,” SA Stone withdrew its “counterclaim,” and did not participate, and notwithstanding that the customer in the underlying complaint was paid some function of the $32,972.60, the “sole arbitrator,” Julie K. Chapin, found that “the claim, allegation, or information is factually impossible or clearly erroneous; or false,” and supposdlyafter “The Arbitrator reviewed the BrokerCheck® Report for Richard Michael Wesselt” which contained his history of complaints, including the five pending complaints, prior termination and questionable associations, she granted or recommended Wesselt’s request for an expungment (subject to confirmation by a court of competent jurisdiction).

It gets better.

In Wesselt v. SA Stone Wealth Management Inc., FINRA Arbitration No. 18-01977, Wesselt did not seek the expungement of one customer complaint or arbitration action, Wesselt sought the expungement of five customer complaints or arbitration actions, Occurrence Numbers 1676886, 1598013, 1384050, 1384049 and 1425534. Wesselt also sought $1 in compensatory damages. This time, however, SA Stone Wealth Management Inc. sought “an amount no less than $50,000.00 plus interest for the underlying arbitrations.”

Again, the customers in the underlying complaints related to Occurrence Numbers 1425534, 1384049, 1384050, 1598013 and 1676886 did not participate in the expungement hearing. The panel recommended the expungement of these five complaints sought to be expunged (Occurence Nos. 11425534, 1384049, 1384050, 1598013 and 1676886).

However, most remarkably, the panel also ordered Wesselt to pay SA Stone Wealth Management Inc. $50,000 in compensatory damages, the maximum amount sought, and assessed Wesselt 100% of the hearing costs. Arbitration No. 18-01977.

In Wesselt v. The O.N. Equity Sales Company, FINRA Arbitration No 18-01854, Wesselt did not fare so well. In this case, Wesselt sought the expungement of Occurrence Numbers 1899101 and 1950999 from his CRD records and the sum of $1. The customer in the underlying complaint for Occurrence Number 1899101 submitted a written objection to Claimant’s expungement request. However, no one else participated in the expungement hearing. The Panel nonetheless denied Wesselt’s request. Wesselt was required to pay $100 in FINRA filing fees and costs.

Wesselt is presently associated with Fortune Financial Services.

Guiliano Law Group, P.C.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.

Questions or comments regarding the source or accuracy of any information, including any subsequent developments, should be directed to:  [email protected]

This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer.

Guiliano Law Group, P.C.

Our practice is limited to the representation of investors. Over the last three decades, we have recovered more than a hundred million dollars for more than 1,000 injured investors from all over the United States and several foreign countries. We accept representation purely on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a confidential consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.

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