Robert Frank Pondt of Woodland Hills California a stockbroker formerly employed by Wells Fargo Advisors LLC is the subject of a customer initiated investment related written complaint which settled for $22,000.00 on July 5, 2017 supported by accusations that the customer was provided misleading information about unit investment trust products by being told that the product was government-backed and would generate a minimum return over a six-year period.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Pondt has been identified in five additional customer initiated investment related disputes containing allegations of Pondt’s egregious conduct during the time that he was associated with Wells Fargo Advisors LLC, Citigroup Global Market Inc. and Morgan Stanley DW Inc. Particularly, a customer initiated investment related arbitration claim concerning Pondt’s conduct was resolved for $199,500.00 in damages founded on accusations that Pondt effected mutual fund trades in the customer’s account that were neither suitable nor authorized by the customer. National Association of Securities Dealers (NASD) Arbitration No. 03-05880 (Dec. 31, 2004).
Subsequently, on September 3, 2008, a customer filed an investment related complaint concerning Pondt’s activities where the customer requested unspecified damages based upon allegations that Pondt made misrepresentations to the customer concerning market-linked notes at the time that they had been purchased by the customer. On October 23, 2008, another customer initiated investment related complaint regarding Pondt’s activities was settled to resolve accusations against Pondt of misrepresentation in reference to the income projected to be produced by the customer’s structured product investments.
Thereafter, on February 13, 2017, a customer initiated investment related complaint involving Pondt’s conduct was resolved for $19,306.24 in damages founded on allegations that the customer was induced to purchase unit investment trust products after misrepresentations had been made with respect to both the rate of return generated by the unit investment trusts and the unit investment trust maturities. Moreover, on March 5, 2017, a customer filed an investment related complaint concerning Pondt’s conduct in which the customer sought $57,797.55 in damages based upon accusations that Pondt made false statements to the customer concerning the risks pertaining to the unit investment trust products held in the customer’s account between July 27, 2009 and June 30, 2016.
Pondt’s registration with Wells Fargo Advisors LLC has been terminated as of April 25, 2016. Since April 27, 2016, Pondt has been registered with Citigroup Global Markets Inc.
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