Robert Ellsworth McMann of Lake Mary Florida stockbroker or supervisor currently registered with Wells Fargo Clearing Services LLC is referenced in a customer initiated investment related written complaint on October 16, 2018 in which the customer requested more than $5,000.00 in damages supported by allegations that funds were inappropriately taken from the customer’s tax-qualified annuity and placed into a non-qualified fee-based investment account subjecting the customer to unwarranted tax consequences.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that McMann has been identified in five additional customer initiated investment related disputes containing accusations of his misconduct while employed with Citigroup Global Markets Inc. and Salomon Smith Barney. In particular, on October 2, 2001, a customer filed an investment related complaint concerning McMann’s conduct where the customer sought damages estimated to exceed $5,000.00 founded on allegations that while McMann was employed by Salomon Smith Barney, the customer was poorly advised in regard to a risky investment, World Commerce Online, causing the customer to sustain catastrophic losses.
Subsequently, on September 9, 2005, a customer filed an investment related complaint regarding McMann’s activities in which the customer requested $30,000.00 in damages based upon accusations that the customer’s investment account was over-concentrated in speculative over-the-counter equities while McMann was associated with Citigroup. Then, on September 26, 2008, a customer filed an investment related complaint involving McMann’s conduct where the customer sought damages estimated to exceed $5,000.00 supported by allegations that misrepresentations had been made to the customer concerning asset-backed debt investments held in the customer’s investment account.
On December 11, 2008, another customer filed an investment related complaint concerning McMann’s activities in which the customer requested unspecified damages founded on accusations that false or misleading statements had been made to the customer, leading the customer to believe that the customer’s principal in bond investments were guaranteed and government-backed. Thereafter, a customer initiated investment related arbitration claim concerning McMann’s conduct was settled for $50,000.00 in damages based upon allegations that risks of mortgage bonds purchased for the customer’s account had been misrepresented. FINRA Arbitration No. 09-03502 (May 31, 2011).
McMann has been registered with Wells Fargo Clearing Services LLC since May 15, 2013.
