{"id":5892,"date":"2018-05-01T14:37:48","date_gmt":"2018-05-01T18:37:48","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=5892"},"modified":"2018-05-01T14:37:48","modified_gmt":"2018-05-01T18:37:48","slug":"silver-law-group-is-investigating-richard-shotz-of-wells-fargo","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/silver-law-group-is-investigating-richard-shotz-of-wells-fargo\/","title":{"rendered":"Silver Law Group is Investigating Richard Shotz of Wells Fargo"},"content":{"rendered":"

Richard Shotz (CRD# 1681893) has been with Wells Fargo in Daytona Beach, Florida since 2016. He was recently terminated from Wells Fargo due to a FINRA regulatory action against him in which Shotz was suspended for four months and ordered to pay fines. FINRA found that Shotz engaged in an unsuitable pattern of trading involving unit investment trusts (UITs) in his customers\u2019 accounts. Shotz repeatedly recommended that his customers sell their UITs before their maturity dates; this caused the customers to incur unnecessary sales charges in their accounts.<\/p>\n

Shotz has also been the subject of several customer disputes. In one settled claim from 2009, the Claimant alleged that Shotz placed him in unsuitable investments involving exchange traded funds (ETFs). In another settled dispute from 2003, the Claimant brought a claim regarding possible misrepresentations made in connection with Claimant\u2019s life insurance policy; the case settled for over $15,000.<\/p>\n

FINRA requires its members to \u201chave a reasonable basis to believe that a recommended transaction or investment strategy\u201d is suitable for a customer given their individual needs. FINRA also requires that its members refrain from engaging in fraudulent or deceptive practices with their customers.<\/p>\n

Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Richard Shotz (CRD# 1681893) has been with Wells Fargo in Daytona Beach, Florida since 2016. He was recently terminated from Wells Fargo due to a FINRA regulatory action against him in which Shotz was suspended for four months and ordered to pay fines. FINRA found that Shotz engaged in an unsuitable pattern of trading involving […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[580],"tags":[783,290,747],"class_list":["post-5892","post","type-post","status-publish","format-standard","hentry","category-stockbroker-misconduct","tag-richard-shotz","tag-securities-arbitration","tag-wells-fargo"],"yoast_head":"\nSilver Law Group is Investigating Richard Shotz of Wells Fargo — Securities Arbitration Lawyers Blog — May 1, 2018<\/title>\n<meta name=\"description\" content=\"Richard Shotz (CRD# 1681893) has been with Wells Fargo in Daytona Beach, Florida since 2016. 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