According to records with the Financial Industry Regulatory Authority (FINRA), Jeffrey Wilson, a broker with Wells Fargo in Las Cruces, New Mexico, has been accused of making unsuitable investment advice concerning various investment products including energy stocks that likely include master limited partnerships (MLPs). In or around August 2014, according to BrokerCheck records with FINRA, Mr. Wilson recommended the purchase of unsuitable energy securities, and, in May 2016, allegedly made unsuitable investments in oil and energy investments. Oil, gas and energy investments are not suitable for every investor. Since the price of oil has dropped over the past few years, investors have lost money in these investments, which tend to be risky ones in general. Wells Fargo has a responsibility to reasonably supervise its brokers to make sure that they do not violate securities laws. If the bank fails to do so, it may be liable for losses on a contingency fee basis in the FINRA arbitration forum.
Jeffrey Randolph Wilson was previously registered with New York Life Securities Corp from October 1983 until August 1985, Merrill Lynch in Las Cruces, New Mexico from September 1985 until October 2007, Morgan Stanley in Las Cruces from October 2007 until June 2009 and Morgan Stanley in Las Cruces from June 2009 until June 2014. He is currently registered with Wells Fargo in Las Cruces, and has been since May 2014. He has four customer disputes against him, alleging excessive trading, unsuitable investments, unsuitable investments in oil and gas securities, and excessive risk, among other things. One of the customer disputes is currently pending. This is according to his online, public BrokerCheck report.