Securities Arbitration Investment Fraud Lawyers » Investment and Regulatory News » Investors File Complaint Claim Against Wells Fargo Stockbroker For Unauthorized Trading

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Richard Clarence DeYoung Jr. of St. Louis, Missouri, a stockbroker registered with Wells Fargo Clearing Services LLC, was the subject of a customer-investment related complaint filed on March 12, 2020, in which the customer requested compensatory damages based upon allegations that DeYoung engaged in unauthorized trading in the customer’s Wells Fargo account.

This is not the first time that DeYoung has been involved in a customer dispute concerning his conduct in the securities industry. Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that DeYoung was the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $750,000.00 in compensatory damages because DeYoung and Wells Fargo Clearing Services LLC were held liable on the customer’s claims which included that DeYoung made unsuitable recommendations, was negligent, breached a contract, and failed to supervise certain registered representatives in connection with the sale of oil and gas investments. FINRA Arbitration No. 17-01426 (February 19, 2019).

DeYoung was associated with Wells Fargo Clearing Services LLC in St. Louis, MO, as an investment advisor representative from November of 2012 to March of 2022, and as a stockbroker from October of 2012 to March of 2022. He has been associated with LPL Financial LLC in The Woodlands, TX, as a stockbroker since March 2, 2022, and as an investment advisor representative since March 3, 2022.