Jack Allen Scherbert of Sparks Nevada was barred by the Financial Industry Regulatory Authority or for life following his failure to cooperate, as required by FINRA Rules, in connection with its investigation that Scherbert made false guaranties regarding return of interest and principal to Wells Fargo Advisors customers in connection with the recommendation and sale Uniform Investment Trust investments.
Scherbert had been associated with Wells Fargo Advisors and its predecessor firm Wells Fargo Investments LLC since 2004. In March 2014, Wells Fargo began to receive a series of customer initiated, investment related complaints from at least four of his customers alleging that Scherbert made promises regarding the payment of principal and interest in connection with certain bond funds and unit investment trusts.
Several months later, in June 2014, Wells Fargo Advisors decided to terminate Scherbert because of the complaints it had received regarding Scherbert’s “representations” in connection with the sale of these securities.
FINRA Investigates & Scherbert is Barred
Thereafter, FINRA began to investigate Scherbert’s activities, and almost a year later, on June 29, 2015, after Scherbert refused to appear and give testimony regarding his conduct, he was permanently barred by FINRA and among other things, without admitting or denying the findings, consented to the the entry of findings that he had improperly made guaranties regarding return of interest and principal to his Wells Fargo customers in connection with uniform investment trust investments.
Presently, there are more than 25 customer initiated investment related complaints against Wells Fargo based upon Scherbert’s conduct regarding the sale of these Uniform Investment Trust investments.
Scherbert’s customers relying upon Scherbert’s false statements, and suffering losses. ought to consult with counsel to determine their legal rights.
Guiliano Law Group
Our practice is limited to the representation of investors in claims, for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost to unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.