Press Release (ePRNews.com) - POMPANO BEACH, Fla. - Aug 09, 2017 - Soreide Law Group has filed a FINRA arbitration on behalf of our clients (Claimants) against:
WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC
The Claimants are a married couple and their son from Nebraska. They were referred to WELLS FARGO registered representative, Jerry Duane Holdsworth, CRD#3241043, in 2009. The lawsuit alleges the Claimants informed Holdsworth that they were looking to have their retirement savings invested in conservative growth and income producing investments.
On or about 2015, WELLS FARGO broker Holdsworth allegedly began buying large concentrated positions in energy investments. The lawsuit alleges that the Claimants were wholly reliant upon Holdsworth for all investment advice and followed all of his recommendations. Holdsworth allegedly recommended large investments in the United States Natural Gas Fund and the United States Oil Fund (USO). USO was held in almost every account of the Claimants along with other high risk energy investments including but not limited to: Cheesapeake Energy, Ensco PLC, and Marathon Oil. Collectively, all the Claimants accounts are down $200K due to the alleged large over concentrated positions in high risk energy investments that were not hedged in any way and no stop losses were ever implemented.
The lawsuit alleges the Claimants on several occasions called to raise their concerns about the decline in USO and UNG, and each time they were told to either hold or buy more. The Claimants were not looking to speculate and over concentrate their portfolios in unsuitable investments. Over concentrated positions in oil investments is totally unsuitable for retirement savings. Oil historically is extremely volatile.
This lawsuit alleges that WELLS FARGO and their representative’s actions have caused Claimants damages of approximately $200,000.00.
The lawsuit allegations are as follows: Negligence, breach of fiduciary duty, negligent supervision and breach of contract.
If you were a client of WELLS FARGO ADVISORS FINANCIAL NETWORK and/or broker Jerry Holdsworth, or if your broker over concentrated your portfolio in high-risk oil and gas stocks, contact the Soreide Law Group and speak to a securities lawyer regarding the possible recovery of your investment loss through a FINRA arbitration at: 888-760-6552 or visit us at: https://www.securitieslawyer.com.
Soreide Law Group operates on a contingency fee basis and we represent clients nationwide before FINRA. Let our experience work for you.
Soreide Law Group