Donald Norman Rich of Old Greenwich, Connecticut, a stockbroker associated with Wells Fargo Clearing Services LLC, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim that was settled for $20,000.00 in damages based upon allegations that Rich supposedly failed to follow the customer’s instructions “beginning in 2018.” FINRA Arbitration No. 20-01625 (May 27, 2020). The arbitration sought an undisclosed amount and was settled on April 24, 2023. Mr. Rich did not contribute to the settlement.
FINRA Public Disclosure shows that Rich was referenced in a customer initiated investment related civil action that was settled for $150,000.00 in damages back in 1987. The allegations pertained to Rich trading on margin in a defined benefit pension plan during the time that he was associated with Shearson Lehman Hutton. Civil Action No. 87 CIV. 2010.
Additionally, Rich was referenced in another customer initiated investment related complaint filed on October 30, 2002, in which the customer requested $101,227.40 in damages. The complaint alleged fraudulent deception, unauthorized trading, recommending unsuitable investments, and that Rich deposited an insurance check for the customer into his personal account. This complaint was found to be without merit and was denied.
Rich has been registered as a stockbroker for more than 50 years, or since 1972, when he first became registered with Hayden Stone.
Rich has been associated with Wells Fargo Clearing Services LLC in Old Greenwich, Connecticut since October 25, 2013.
