Brian Wurdermann Investigation
Updated December 2023
New York, NY
According to publicly available records Brian Wurdermann a former broker who last worked for RBC Capital Markets, discloses a regulatory matter resulting in a permanent bar from the industry, a FINRA arbitration award, two currently pending customer disputes and 4 prior customer disputes.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 8/2023 a customer of RBC Capital filed a FINRA arbitration alleging that Brian Wurdermann placed trades without first discussing them with the customer and without authority. The customer also alleges that Wurdermann’s recommendations were unsuitable for her risk tolerance and investment objectives resulting in damages of $1,800,000. This matter is currently pending.
Discretionary vs. Non-Discretionary Accounts
In 1/2023 Wurdemann’s prior employer RBC Capital Markets filed an arbitration claim against him for failing to repay a loan the company made to him. The arbitration panel entered an award against Wurdemann in excess of $1.4 million plus interest and attorney fees. After Wurdemann failed to comply with the arbitration panel’s ruling FINRA permanently barred him.
In 2/2020, a FINRA arbitration panel awarded a UBS Financial Services, Inc. (a prior employer of Wurdermann)/Morgan Stanley customer $175,000 in response to allegations of breach of contract, breach of fiduciary duty, lack of supervision, fraudulent practices, negligent and intentional misrepresentation, fraud and negligence.
From 12/2011 to 10/1010, four customers of Wurdermann’s settled customer disputes as follows:
- RBC Capital Markets customer alleged that he was not made aware of the downside risk of a structured note. The case settled for $14,000 with $7,000 contribution made by Wurdermann.
- UBS Financial Services customer alleged that Wurdermann misrepresented the nature of three mutual fund investments. The case settled in the amount of $385,000.
- UBS Financial Services alleged that short positions were unsuitable for a 77 year old. The case settled for $125,000.
- Merrill Lynch, Pierce, Fenner & Smith Incorporated customer alleged unsuitable investment recommendations and misrepresentation. The case settled for $95,000.
Wurdermann was with RBC Capital Markets from 5/2017 until 5/2022. Before that he was with UBS Financial Services from 1/2011-5/2017.
If you have questions about an account handled by Brian Wurdermann contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090) Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer. FINRA Rule 2111- suitability
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Nationwide Representation
TollFree: 877-224-3199
Florida-561 391 1900
Texas-512-329-2870
