Client Wins $74,000 from Wells Fargo for Unsuitable Investment Strategy

According to a recent OnWallStreet article, Angela Ostendarp, a Wells Fargo certified planner invested hundreds of thousands of dollars of a client’s money in mutual funds. The client needed the money to pay for his children’s education, buy a small farm and cover his living expenses. Ostendarp invested his money in a margin account and had a margin balance of more than $100,000. Ostendarp then had to sell off securities to pay off the heavily margined account. Ostendarp also told the client that his account was doing well, when it was not. The client suffered massive losses because of Ostendarp’s transgressions.

Angela Ostendarp was registered with Wachovia Brokerage Service, Wachovia Securities, Robert W Baird, and Northwestern Mutual Investment Services. She is currently registered with Wells Fargo Advisors in Charlotte, North Carolina and has been since June 2002. She has two customer disputes against her, one of which is currently pending.

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