Richard William Schloss of Canton Ohio a stockbroker formerly employed by Wells Fargo Clearing Services LLC is the subject of a customer initiated investment related arbitration claim which was settled to resolve allegations that Schloss inappropriately placed the customer’s assets in a variable annuity which exposed the customer to unnecessary surrender penalties and illiquidity. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01100 (Aug. 23, 2018).
FINRA Public Disclosure reveals that Schloss is referenced in two more customer initiated investment related disputes pertaining to accusations of his wrongful conduct during the time that he was associated with Wells Fargo and PaineWebber. Particularly, a customer filed an investment related complaint concerning Schloss’ activities where the customer sought $60,000.00 in damages founded on allegations that while Schloss was associated with PaineWebber, the customer’s assets were placed in risky bond investments which caused the customer to incur substantial losses.
Schloss is also the subject of a customer initiated investment related arbitration claim which was resolved for $88,000.00 in damages based upon accusations that Schloss made investment recommendations to the customer that were not suitable concerning investments held in the customer’s retirement account; and Schloss misrepresented the features pertaining to the customer’s variable annuity by falsely claiming that the customer would be provided a lifetime income stream. FINRA Arbitration No. 17-00176 (Nov. 8, 2017).
