Sanjay Mathur of Newport Beach California a stockbroker currently registered with Wells Fargo Clearing Services LLC is referenced in a customer initiated investment related complaint on August 3, 2017 in which the customer requested damages estimated to exceed $5,000.00 supported by allegations that between July 12, 2016 and August 2, 2017: (1) Mathur placed the customer in preferred stock positions that were overly risky and (2) Mathur caused the customer to sustain account losses while paying heavy fees for account management.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Mathur has been referenced in four additional customer initiated investment related disputes pertaining to accusations of his violative conduct while employed by Morgan Stanley and Wells Fargo Clearing Services LLC. Specifically, on December 5, 2008, a customer filed an investment related written complaint concerning Mathur’s activities where the customer sought $3,159.76 in damages founded on allegations that Mathur executed purchases of Citigroup and Federal National Mortgage Association (Fannie Mae) stock without the customer’s permission.
On November 11, 2015, another customer filed an initiated investment related complaint involving Mathur’s conduct which was settled for $45,000.00 in damages based upon accusations that excessive trades had been placed in the customer’s equity portfolio and excessive fees were charged to the customer on those transactions. Moreover, a customer initiated investment related arbitration claim concerning Mathur’s conduct was resolved for $100,000.00 in damages supported by allegations of bad unit investment trust recommendations being made to the customer, the purchase of which resulted in the customer’s losses. FINRA Arbitration No. 16-02864 (June 12, 2017).
FINRA Public Disclosure further confirms that Mathur was terminated by his previous employer, Morgan Stanley Smith Barney, LLC, on April 27, 2012 founded on accusations that Mathur engaged in discretionary trading of customer accounts even though the customers and the firm did not provide Mathur with the written approval to exercise discretion in the customers’ accounts.
Mathur has been registered with Wells Fargo Clearing Services since April 27, 2012.
