Charles Henry Frieda, Jr. of Irvine California a stockbroker formerly registered with Wells Fargo Advisors LLC is the subject of a customer initiated investment related complaint which was resolved on February 28, 2019 for $20,000.00 in damages based upon accusations of unsuitable energy securities recommended by the stockbroker between 2014 and 2018 while associated with Wells Fargo Advisors.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Frieda has been identified in fifty-eight more customer initiated investment related disputes concerning accusations of his misconduct during the time that he was employed by securities broker dealers including Wells Fargo and Morgan Stanley Smith Barney.
On July 25, 2018, a customer initiated investment related complaint concerning Frieda’s activities was resolved for $12,580.00 in damages founded on accusations of Frieda’s energy stock trades failing to algin with the Wells Fargo customer’s objectives for investing. The claim also alleged that the customer was not notified of the risks of investments held in the customer’s Wrap account between 2014 and 2017.
Another customer initiated investment related complaint involving Frieda’s conduct was settled for $153,000.00 in damages on October 12, 2018 based upon allegations of energy stocks failing to comport with the customer’s objectives or risk tolerance when Frieda was associated with Wells Fargo.
Frieda is also referenced in a customer initiated investment related complaint which was settled on January 18, 2019 for $50,000.00 in damages supported by allegations of unsuitable over-the-counter equities transactions in the customer’s Wells Fargo Advisors account which caused the customer to experience unwarranted losses.
Frieda has been barred from associating with any FINRA member in any capacity based upon findings that Frieda’s recommendations of energy sector securities failed to be appropriate for Wells Fargo customers. Letter of Acceptance Waiver and Consent No. 2015045713302 (Dec. 11, 2017).
According to the AWC, customers sustained millions in losses on energy-sector securities that were overconcentrated in their accounts because of Frieda. FINRA found Freida’s conduct violative of Rules 2010 and 2111.