Joseph Frederick Eschleman, of Sacramento, California, a stockbroker registered with Wells Fargo Clearing Services, LLC, has been terminated from employment on April 26, 2017, based upon allegations that he directed his associate to effect transactions in the account of a deceased customer by claiming that he received permission from the customer to place the transactions. Subsequent to Eschleman becoming apprised that the customer was actually deceased, Eschleman reportedly instructed the associate to note that Eschleman somehow received authorization to exercise discretion in the customer’s account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Eschleman has been named in two customer initiated investment related disputes pertaining to allegations of his wrongdoing while he was associated with Wachovia Securities, LLC and Wells Fargo Advisors, LLC. In particular, on October 29, 2008, a customer filed an investment related written complaint involving Eschleman’s conduct, where the customer requested $50,000.00 in damages based upon allegations that Eschleman effected transactions that were not suitable for the customer.
Subsequently, on May 1, 2014, a customer initiated investment related written complaint regarding Eschleman’s activities was resolved for $11,488.14 in damages based upon allegations that he made misrepresentations to the customer and charged the customer for advisory services despite failing to actively manage the customer’s investment portfolio.
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