Stoltmann Law Offices is investigating Marcus J. Debaise, a former registered representative with Wells Fargo Advisors in Glastonbury, Connecticut. Debaise is accused of overconcentrating and failing to diversify the portfolio of retirees in a variety of risky, equity oil investments such as Niko Resources, Compton Petroleum, ATP Oil and Gas Corporation, and China Medical Express, among others. He also is accused of making unauthorized trades in customer accounts, failing to diversify accounts, and failing to execute loss management related to sales in equity positions which carried unsuitable risk resulting in decline in value, among other transgressions. Brokers such as Debaise have a duty to recommend securities to customers based on their net worth, age, investment sophistication and portfolio objectives, and if they do not, their firms can be held responsible for losses incurred in those securities because they had a duty to reasonably supervise them while they are employed there.
Mr. Debaise was registered with Legg Mason Wood Walker Inc. in Baltimore, Maryland from November 1993 until June 2000, Prudential Securities Inc. in New York, New York from June 2000 until July 2003 and Wells Fargo Advisors in Glastonbury, Connecticut from July 2003 until April 2015. He has 17 customer disputes against him, 12 of which are currently pending. He is not currently licensed within the industry.
If you or someone you know invested and lost money with Marcus Debaise, please call our securities law firm in Chicago at 312-332-4200 to speak to one of our attorneys. The call is free. We can help you bring a claim against his former firm, Wells Fargo, for investment losses you may have suffered. They may be liable for them. We take cases on a contingency fee only, which means we do not make money unless you recover for yourself.See video below for more information.