ARILD TORVIK OSTENSEN is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 461 FROM RD STE 101, PARAMUS, NJ, 07652.
ARILD TORVIK OSTENSEN has worked at WELLS FARGO CLEARING SERVICES, LLC since January 10, 2000
ARILD TORVIK OSTENSEN has 2 Disclosure Event(s).
Date: October 04, 2007 Category: Customer Dispute Allegations: NEW YORK CLIENT CLAIMS THAT SOME ACCOUNT INVESTMENTS WERE INAPPROPRIATE AND THAT HE HAD AN EXCESSIVE TAX LIABILITY DUE TO AN ANNUITY WITHDRAWAL. CLIENT DOES NOT MAKE A SPECIFIC DOLLAR AMOUNT CLAIM, BUT CALCULATIONS OF TAXES AND COMMISSIONS INDICATE LOSSES OVER $5000. Damage Amount Requested: $5,001.00 Settlement Amount: $7,227.00 Broker Comment: SETTLED IN THE INTEREST OF CLIENT RELATIONS AND TO AVOID COSTLY AND TIME CONSUMING FORMAL PROCEEDINGS, WITHOUT ADMITTING LIABILITY, IN THE AMOUNT OF $7,227.
Date: February 01, 1991 Category: Customer Dispute Allegations: CLIENTS ALLEDGED CHURNING, UNAUTHORIZEDTRADING, AND UNSUITABILITY AND REQUESTED $261,067.00 PLUSUNSPECIFIED PUNITIVE DAMAGES. Damage Amount Requested: $261,067.00 Damages Granted: $36,162.00 Broker Comment: CLAIMANTS WERE AWARDED $36,162 PUNITIVE DAMAGESWERE DENIED. CHARGES OF CHURNING AND UNAUTHORIZED TRADING WASDISMISSED.I BELIEVE THAT THIS PROCEEDING CAME ABOUT AS ARESULT OF THE CLIENTS DISAPPOINTMENT AT THE PERFORMANCE OF HISINVESTMENTS. I FEEL STRONGLY THAT NONE OF THE CHARGES WERETRUE. THE 50'S AT THE TIME THE INVESTMENTS WERE MADE. HE HAD ANET WORTH OF $2,300.00 AND HAD ACTIVELY TRADED IN SPECULATIVEINVESTMENTS FOR OVER 10 YEARS.
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