Richard Jay Bernstein (also known as Richard Jay Berstein) of Incline Village Nevada a stockbroker and investment adviser representative of Wells Fargo Clearing Services is the subject of a customer initiated investment related arbitration claim which was settled for $15,000.00 in damages based upon allegations that unauthorized trades were executed in the customer’s account and that stock trades failed to align with the customer’s investment objectives. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-00137 (July 29, 2020).
Bernstein has been identified in seven more customer initiated investment related disputes involving accusations of his misconduct during the time that he was registered with securities broker dealers including Prudential Securities Inc, Smith Barney Shearson Inc., UBS Financial Services Inc. and Morgan Stanley Smith Barney. FINRA Public Disclosure confirms that Bernstein is the subject of a customer initiated investment related arbitration claim where the customer was awarded $31,300.00 in damages supported by findings of unauthorized and excessive trading by Bernstein while registered with Prudential Securities.
Bernstein is also the subject of a customer initiated investment related arbitration claim in which the customer was awarded $91,200.00 in damages according to findings of the breach of a fiduciary duty and unauthorized transactions by Bernstein while registered with Smith Barney Shearson. He has been referenced in another customer initiated investment related written complaint which was resolved for $50,000.00 in damages founded on allegations of inappropriate auction rate securities transactions which caused the customer losses.
An additional customer filed an investment related complaint involving Bernstein’s activities where the customer sought more than $5,000.00 in damages based upon accusations that the customer’s account was overconcentrated in financial sector investments even though the customer’s initiatives were to preserve capital and to avoid taking market risk. Bernstein is also the subject of a customer initiated investment related written complaint which was settled for $5,792.72 in damages supported by allegations of Bernstein’s failure to follow the customer’s instructions of liquidating assets.
Another customer filed an investment related complaint involving Bernstein’s conduct in which the customer requested $25,555.00 in damages founded on accusations that the stockbroker disregarded the customer’s instructions of investing in safe products. The stockbroker has also been referenced in a customer initiated investment related arbitration claim which was settled for $24,500.00 in damages on March 19, 2020 based upon allegations that stocks and corporate debt products were not suitable for the Morgan Stanley customer. FINRA Arbitration No. 19-00013.
Bernstein has been registered with Wells Fargo Clearing Services since July 1, 2015.
