Charles Bernard Lynch Jr. (also known as Charlie Bernard Lynch) of Irvine California a stockbroker formerly employed by Wells Fargo Advisors LLC (now known as Wells Fargo Clearing Services LLC) has been identified in a customer initiated investment related complaint which was resolved on January 18, 2019 for $50,000.00 in damages founded on accusations that transactions recommended by Lynch were overly risky for the customer and had failed to comport with the customer’s goals during the time that Lynch was associated with Wells Fargo Advisors.
Financial Industry Regulatory Authority (FINRA) Public Disclosure indicates that Lynch is the subject of fifty-nine more customer initiated investment related disputes while employed by securities broker dealers including Wells Fargo Advisors. On May 15, 2018, a customer initiated investment related arbitration claim pertaining to Lynch’s conduct was settled for $130,000.00 in damages supported by allegations that equities were not suitable for the Wells Fargo Advisors customer’s low risk tolerance and conservative investment portfolio. The claim also alleges that the customer’s instructions of liquidating energy-sector equity positions had been disregarded by Lynch resulting in the customer’s losses. FINRA Arbitration No. 18-00500.
On August 27, 2018, another customer initiated investment related arbitration claim in reference to Lynch’s conduct was resolved for $100,000.00 in damages based upon accusations that inappropriate stock purchases had been effected by Lynch between 2012 and 2018 during which time he was employed by Wells Fargo Advisors. FINRA Arbitration No. 18-01142. Lynch is also referenced in a customer initiated investment related complaint which was settled on October 12, 2018 for $153,000.00 in damages based upon allegations that investment recommendations made by the stockbroker were not suitable for the customer as those investments did not comport with the Wells Fargo Advisors customer’s tolerance for risk or goals for investing between 2014 and 2016.
On December 11, 2017, Lynch was barred from associating with any FINRA member in any capacity supported by findings that the stockbroker gave bad investment advice. Letter of Acceptance Waiver and Consent No. 2015045713301. According to the AWC, the strategy recommended by Lynch resulted in customers’ accounts being overconcentrated in energy sector securities which generated drastic losses for them. Recommendations were made by the stockbroker without regard for his customers’ risk tolerances or needs. Customers were advised to stick to the investment strategy amid volatility in the energy market. The AWC indicated that customers sustained millions in losses because of acting on Lynch’s bad investment advice. FINRA determined that Lynch’s conduct was violative of FINRA Rules 2010 and 2111.
Lynch’s employment with Wells Fargo Advisors was terminated on May 2, 2016.
