Stoltmann Law Offices is investigating Donald Devito, a former registered broker with Wells Fargo. Mr. Devito was terminated from the bank in December 2016, after it was revealed the firm had concerns over the level of trading in client accounts. In 2016 through 2017, Devito has had six complaints filed against him concerning the level of trading and fees generated in his accounts. Customers have claimed that Devito violated securities laws by engaging in churning, unauthorized trading and unsuitable recommendations among other claims. This means the broker will trade in and out of securities, sometimes the same stock, many times over a short period of time. The account will sometimes “turnover” every month with different securities. This is only to profit the broker through the generation of commissions created by the trades, and serves no other purpose. Oftentimes, there are unnecessary fees related to the investments, that the client is forced to pay.
Mr. Devito was previously registered with Individual’s Securities from March 1983 until February 1984, Merrill Lynch in New York, New York from March 1984 until January 2000, Morgan Stanley in Albany, New York from January 2000 until February 2007 and Wells Fargo Advisors in Albany from February 2007 until December 2016. He has 10 customer disputes against him, one of which is currently pending. He is not currently registered as a broker within the industry.