Richard Clarence DeYoung Jr. of The Woodlands Texas a stockbroker and investment adviser representative of Wells Fargo Clearing Services is referenced in a customer initiated investment related written complaint on March 12, 2020 in which the customer sought more than $5,000.00 in damages supported by allegations that unauthorized transactions were executed in the customer’s account in March of 2020 during the period that DeYoung was associated with Wells Fargo Advisors.
This is not the first time that DeYoung has been accused of misconduct by a customer of a securities broker dealer. FINRA Public Disclosure confirms that DeYoung is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer was awarded $750,000.00 in damages based on DeYoung and Wells Fargo being found liable on the customer’s claims of breach of contract and negligence concerning alternative investments. FINRA Arbitration No. 17-01426 (Feb. 19, 2019).
According to the claim, the customer had been provided with unsuitable recommendations from DeYoung who told the customer to invest in oil and gas companies Linn Energy Inc. and Breitburn Energy Partners LP. The claim also alleges that Wells Fargo failed to supervise DeYoung’s actions in the customer’s account.
DeYoung has also been terminated by prior securities broker dealer UBS PaineWebber founded on accusations of DeYoung having failed to correctly execute transactions or handle correspondence.
DeYoung has been registered with Wells Fargo as a stockbroker since October 31, 2012 and as an investment adviser representative since November 1, 2012.
