Wells Fargo Advisors Sued by Customer For Unsuitability

Alan Neal Rose, of Melville, New York, a stockbroker currently registered with Wells Fargo Clearing Services, LLC, has been named in a customer initiated investment related arbitration claim on January 16, 2017, in which the customer requested $100,000.00 in damages based upon allegations that from 2013 to 2016, Rose over-concentrated the customers’ portfolio in investments which were not suitable for the customers.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Rose has been named in five additional customer initiated investment related disputes containing allegations of his misconduct while employed with Morgan Stanley & Co., Inc. and UBS Financial Services Inc. Particularly, on November 19, 2004, a customer initiated investment related written complaint involving Rose’s conduct was settled for $16,000.00 in damages based upon allegations that Rose effected an unauthorized rollover of the customer’s unit investment trusts, and effected transactions which were not suitable for the customer.
On December 16, 2004, a customer initiated investment related arbitration claim regarding Rose’s activities was resolved for $31,000.00 in damages based upon allegations that Rose effected unsuitable equity transactions in the customer’s account. Further, on August 12, 2009, a customer initiated investment related written complaint involving Rose’s conduct was settled for $9,141.14 in damages based upon allegations that Rose effected the purchase of an annuity which was not suitable for the customer due to her financial profile and age.
Additionally, on August 11, 2016, a customer initiated investment related arbitration claim regarding Rose’s activities was resolved for $84,500.00 in damages based upon allegations that Rose made unsuitable investment recommendations to the customers concerning the purchases of New York state bonds and Puerto Rico municipal bonds.