Thomas Von Reckers (also known as Tom VonReckers) of Lakewood Colorado a stockbroker formerly employed by Wells Fargo Advisors Financial Network is referenced in a customer initiated investment related arbitration claim which was settled for $90,000.00 in damages founded on accusations that a fiduciary duty that was owed to the customer had been breached and that the customer had been defrauded in regard to a unit investment trust that had been sold during the time that Von Reckers was associated with Wells Fargo. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03127 (Arp. 7, 2020).
According to the claim, the customer had been invested in a unsuitable unit investment trusts for approximately ten years because of the misrepresentations that were made by Von Reckers about loan products and the use of loan proceeds. The claim also alleges elder abuse by the stockbroker.
This is not the first time that Von Reckers has been accused of misconduct by an investor. FINRA Public Disclosure reveals that a customer filed an investment related complaint involving Von Reckers’s conduct where the customer sought $12,000.00 in damages supported by allegations that fees were concealed from the Wells Fargo customer in regard to wrap account transactions. According to the claim, trades were effected in the customer’s account on an excessive basis.
Von Reckers’s registration with Wells Fargo Advisors has been terminated as of July 17, 2018. Between July 13, 2018 and September 20, 2019, he was registered with Summit Brokerage Services. The stockbroker has been employed by Cetera Advisors Networks LLC since September 20, 2019.