Vincent Charles Meleco of Albany New York a stockbroker formerly registered with Wells Fargo Clearing Services LLC has been discharged by the firm on June 22, 2017 supported by accusations that Meleco accepted an unauthorized person’s instructions to effect trades in the Wells Fargo customer’s account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Meleco is referenced in six customer initiated investment related disputes containing allegations of Meleco’s misconduct during the time that he was associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated. Particularly, on September 13, 2001, a customer initiated investment related complaint involving Meleco’s conduct was resolved for $18,120.92 in damages based upon accusations that mutual fund purchases placed in the customer’s account failed to align with the customer’s best interests; the customer was apparently placed in class B mutual fund shares instead of class A shares.
On January 2, 2001, another customer initiated investment related complaint concerning Meleco’s activities was settled for $85,000.00 in damages founded on allegations that unauthorized transactions were executed in the customer’s account, and mutual fund trades effected in the customer’s account failed to be suitable for the customer. Then, on March 17, 2003, a customer initiated investment related complaint regarding Meleco’s conduct was resolved for $49,000.00 in damages supported by accusations that Meleco made inappropriate mutual fund recommendations to the customer, and mutual fund purchases in the customer’s account were not suitable for the customer.
Thereafter, a customer initiated investment related arbitration claim concerning Meleco’s activities was settled for $498,000.00 in damages based upon allegations that Meleco failed to follow the customer’s instructions, placed transactions in the customer’s account that were not suitable for the customer, and churned the customer’s over-the-counter equities portfolio. National Association of Securities Dealers (NASD) Arbitration No. 03-08438 (Mar. 31, 2005). Similarly, a customer initiated investment related arbitration claim regarding Meleco’s conduct was resolved for $498,000.00 in damages founded on accusations against Meleco of suitability, failure to follow customers’ instructions, and churning of the customers’ investment accounts. NASD Arbitration No. 03-08444 (Mar. 31, 2005).
Furthermore, on March 15, 2004, a customer filed an investment related complaint involving Meleco’s activities in which the customer requested unspecified damages supported by allegations of the over-concentration of the customer’s account in communications and technology sector over-the-counter equities, and poor investment advice on the part of the financial advisor.
Meleco’s employment with Wells Fargo Clearing Services LLC terminated on July 21, 2017. Meleco has been employed by Purshe Kaplan Sterling Investments since November 28, 2017.
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