April 2021- Rochester, NY
According to publicly available records Jerry Michael Wells (CRD#1015358), a stockbroker previously registered with Sagepoint Financial, discloses a regulatory event, 4 final customer disputes and a termination from employment.
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 December of 2019, in case #2016050018101, FINRA alleged that Wells had falsely represented that variable annuities purchases were not variable annuities replacements. The findings stated that Wells completed and submitted variable annuities applications and disclosure forms that falsely represented that each recommended variable annuities would not replace or change one or more existing variable annuities. The findings also stated that Wells caused his firm to maintain inaccurate books and records. Sanctions ordered were a two month suspension and a $5,000 fine.
Three customer disputes were filed against Wells while he was employed with Metlife Securities. These cases alleged that customer signatures were forged and misrepresentation. These cases settled cumulatively for almost $24,000.
Wells worked with Metlife Securities from November 1990 until April of 2016 when he was discharged from employment following allegations that he did not disclose required information on new business applications and did not follow firm policy with respect to customer signatures on account documents.
Wells worked with Sagepoint Financial, Inc. from May of 2016 until December of 2019.
If you had an account with Jerry Wells that suffered losses, you may be entitled to collect damages from his prior employer. Call to discuss your options.
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.
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