Securities Arbitration Investment Fraud Lawyers » Investment and Regulatory News » Wells Fargo Stockbroker Barred In Selling Away Investigation

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Jeremy W. Fortner of Beverly Hills, California, a stockbroker formerly registered with Wells Fargo Advisors LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Fortner failed to respond to FINRA’s request for information. Case No. 2021072176101 (March 3, 2022).

FINRA Public Disclosure shows that on December 23, 2021, Fortner was suspended for failing to cooperate with FINRA’s requests. Fortner did not seek termination of the suspension with FINRA by a March 2, 2022 deadline or otherwise cooperate with FINRA’s requests by then. Accordingly, FINRA automatically barred him.

This is not the first time that Fortner has been the subject of regulatory action. Fortner was fined $20,000.00 by Oregon Division of Financial Regulation for allegedly soliciting funds from a customer when he was their financial adviser.

FINRA Public Disclosure shows that Fortner has been identified in twelve customer initiated investment related disputes concerning his conduct during the period that he was registered with Wells Fargo Advisors. On October 15, 2021, a customer initiated investment related complaint involving Fortner’s activities was resolved for $232,405.00 in damages for private placements through Fortner’s outside business activity between March 2017 and July of 2021.

Fortner is the subject of a written complaint which was settled for $59,217.52 on October 20, 2021, based upon accusations that Fortner made unauthorized securities purchases, borrowed money from a customer, and solicited funds from the customer for outside investments.

On December 23, 2021, another Wells Fargo Advisors customer’s complaint regarding Fortner’s conduct was resolved for $22,491.07 in damages because Fortner allegedly had the customer loan him money in return for promissory notes in connection with real estate investments. The complaint alleges that Fortner failed to repay the customer.

Fortner is also referenced in a customer initiated investment related written complaint which was settled for $100,000.00 on March 21, 2022, based upon allegations that Fortner made unsuitable recommendations in connection with the sale of a variable annuity. On May 2, 2022, another customer filed an investment related complaint concerning Fortner’s activities in which the customer requested $30,000.00 in damages because Fortner allegedly failed to repay a customer who loaned him money between January 2017 and May 2022.

Fortner is also identified in a written complaint on May 9, 2022, where the customer sought $250,000.00 in damages based upon alleged churning of the customer’s Wells Fargo Advisors account between March 1, 2015, and August 31, 2021. Fortner is the subject of a written complaint on May 16, 2022, in which the customer requested compensatory damages based upon accusations that Fortner misrepresented costs relating to a margin loan during the time that he was associated with Wells Fargo Advisors.

Fortner was registered with Wells Fargo Clearing Services, LLC between June 20, 2014, and September 7, 2021. He was terminated by the securities broker dealer for allegedly borrowing money from customers.