A Financial Industry Regulatory Authority Panel has ruled that Wells Fargo Advisors (WFC) must pay investor Anthony J. Pryor $357K related to purportedly unsuitable housing and energy investments. In his securities fraud claim, Pryor alleged negligent misrepresentation, negligent supervision, breach of fiduciary, and other causes. Wells Fargo denies Pryor’s allegations.
His advisor, Jeff Wilson, who was not named as a party in the securities case, has three customer disputes on his BrokerCheck record. One of the other claims that was settled for $250K also allegedly involving unsuitable investments.
Not every investment is suitable for every investor. Some investments may too be risky for certain investors or are not in alignment with their investment goals or financial needs. For example, many older retail investors that are about to retire will likely require a more conservative investment plan that a much younger, single investor.