Silver Law Group has filed a FINRA arbitration claim against Wells Fargo Clearing Services, LLC (Wells Fargo) after its broker allegedly recommended unsuitable, high-risk investments to his elderly customers.
According to the securities arbitration complaint, the elderly Claimants were immigrants with the equivalent of a third grade education. The Claimants had worked hard to save and had been retired since 2005.
According to the FINRA arbitration complaint, the elderly Claimants sought a reputable broker who could speak Spanish in 2014. The Claimants had no experience investing, could not speak English, and greatly relied on Wells Fargo, according to the securities arbitration claim. Further, Claimants entrusted the entirety of the retirement money to Wells Fargo and did not want excessive risk.