DONALD CHARLES DEWEES is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 3801 KENNETT PIKE, B-200, GREENVILLE, DE, 19807.
DONALD CHARLES DEWEES has worked at WELLS FARGO CLEARING SERVICES, LLC since October 01, 1999
Disclosure History
DONALD CHARLES DEWEES has 2 Disclosure Event(s).
Date: November 04, 2008 Category: Customer Dispute Allegations: CLIENTS ALLEGED THAT THEIR FINANCIAL ADVISOR INSISTED THEY REMAIN INVESTED 100% IN EQUITIES. THEY ALLEGED THE ADVICE WAS NOT SUITABLE BASED ON CLIENTS RETIREMENT PLANS. (02/01/2008-10/10/2008) Damage Amount Requested: $1,200,000.00 Broker Comment: I FULLY DISPUTE THE CLIENT'S ALLEGATIONS. I DID NOT INSIST THEY STAY IN EQUITIES. I ADVISED THEM OF MY RECOMMENDATION BASED ON THEIR GROWTH OBJECTIVE; THE STRATEGY WAS DISCUSSED AND AGREED UPON. CLIENTS SAID THEY HAD TAKEN A COURSE ON INVESTMENTS AND UNDERSTOOD THAT BONDS WOULD NOT PROVIDE ADEQUATE GROWTH TO ALLOW THEM TO REACH THEIR INVESTMENT OBJECTIVE. THEREFORE INDEPENDENT MONEY MANAGERS THAT SPECIALIZE IN GROWTH EQUITIES WERE UTILIZED. THEIR DAMAGE CALCULATION IS BASED ON THE ALL TIME HIGH THEIR EQUITY PORTFOLIO ACHIEVED. THE ACTUAL NET LOSS OF THEIR INVESTMENT PRINCIPAL IS APPROXIMATELY $10,000, ADJUSTING FOR DEPOSITS, DISBURSEMENTS AND FEES.
Date: March 27, 1986 Category: Customer Dispute Allegations: COUNSEL FOR THE GUARDIAN OF THE PROPERTY ANDASSETS OF [CUSTOMERS] HAD WRITTEN ALETTER ASSERTING A CLAIM AGAINST BUTCHER & SINGER INC. ALLEGINGRECOMMENDATION SALE OF AN UNSUITABLE SECURITY TO THE GUARDIANWITH SUCH PURCHASE ALLEGEDLY VIOLATIVE OF A COURT ORDERGOVERNING THE ACCOUNT. THE GUARDIAN ASSERTED A CLAIM FORRESCISSION OF THE INVESTMENT TOTALLING APPROXIMATELY $70,000. Damage Amount Requested: $70,000.00 Settlement Amount: $44,744.00 Broker Comment: SETTLED FOR $44,744, WHICH INCLUDED INTEREST ANDTHE REPURCHASE OF AN OIL AND GAS INCOME PARTNERSHIP VALUED ATSETTLEMENT FOR $11,900. DEWEES CONTRIBUTED $8,000 TO THESETTLEMENT COSTS.THIS SETTLEMENT IS NOT TO BE CONSIDERED AS ANADMISSION OF LIABILITY ON MY PART, AND I EXPRESSLY DENY SUCHLIABILITY. HOWEVER, THE SETTLEMENT WAS MADE IN ORDER TO AVOIDPROTRACTED LITIGATION AND THE RELATED LEGAL EXPESNSES AND TIMEWHICH A DEFENSE OF THE ACTION WOULD REQUIRE.
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