Unsuitable Oil and Gas Investments with Broker Jeffrey Wilson?

Stoltmann Law Offices is investigating Wells Fargo broker Jeffrey Wilson, who was accused of unsuitable investment advice concerning various investment products including energy stocks that likely include master limited partnerships (MLPs). In August 2017, a customer alleged that Wilson recommended the purchase of unsuitable energy securities in or around August 2014. The claim is currently pending. In May 2016, another client alleged that Wilson, from June 2014 through November 2015, made unsuitable investments in oil and energy investments. This was settled for $250,000. Oil and gas investments can be risky and highly illiquid ones that are not suitable for every investor because of the decline in the price of oil. Many investors lost significant amounts of money because of these investments. A broker must take into account a client’s age, net worth, investment objectives and investment risk tolerance before recommending or selling any investment. If he does not, his brokerage firm may be liable for losses on a contingency fee basis in the Financial Industry Regulatory Authority (FINRA).

According to FINRA records, Mr. Wilson was previously registered with New York Life Securities Corp from October 1983 until August 1985, Merrill Lynch in Las Cruces, 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, one of which is currently pending.

 

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