GREGORY Michael WASSEY is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 3500 LENOX RD SUITE 1500, ATLANTA, GA, 30326.
GREGORY Michael WASSEY has worked at LPL FINANCIAL LLC since November 20, 2015
Disclosure History
GREGORY Michael WASSEY has 1 Disclosure Event(s).
Date: February 03, 2016 Category: Customer Dispute Allegations: THE ATTORNEY REPRESENTING THE CLIENT ALLEGES THAT THE MANAGED ACCOUNTS WERE NOT SUITABLE FOR THE CLIENT BASED ON THE STATED INVESTMENT OBJECTIVES. (4/21/2014-2/17/2015)**ARBITRATION: CLAIMANT ALLEGES HIS PORTFOLIO WAS OVER-CONCENTRATED IN UNSUITABLE EQUITIES. CLAIMANT IS SEEKING COMPENSATORY DAMAGES OF APPROXIMATELY $100,000. Settlement Amount: $22,000.00 Broker Comment: I WAS NOT NAMED A DEFENDANT IN THIS ARBITRATION. I WAS SCHEDULED TO GIVE TESTIMONY ON BEHALF OF WELLS FARGO AT THE ARBITRATION IN DECEMBER OF 2016. THE CLIENT WAS REFERRED TO ME FROM ANOTHER EXISTING CLIENT. THE TWO CLIENTS AGREED ON THEIR INVESTMENT STRATEGY BEFORE INTRODUCING ME INTO THE RELATIONSHIP. THE CLIENT INVOLVED IN THE ARBITRATION WANTED TO DO EXACTLY WHAT HIS FRIEND DID. THE CLIENT WOULD CONFIRM THE TRADES VERBALLY FOR HIS OWN ACCOUNT WITH ME AND THAT'S IT. THE CLIENT WAS DIRECTING HIS OWN ACCOUNT WITH HIS FRIEND'S ADVICE, NOT MY ADVICE. ORDER TAKING WAS MY INVOLVEMENT IN THE MATTER. THE TRADES WERE MADE UNSOLICITED. THIS CLIENT WAS AN EXTREMELY SOPHISTICATED INVESTER THAT DID NOT NEED PROTECTION FROM HIMSELF.WELLS FARGO DECIDED TO SETTLE THE CASE ON 8/23/16 WITHOUT NOTIFYING ME OR ASKING FOR MY CONSENT. I WOULD NOT HAVE AGREED TO SETTLE BEFORE THE ARBITRATION. I KNOW THAT THESE ALLEGATIONS WERE FALSE. I BELIEVE THE CLAIM SHOULD HAVE BEEN THROWN OUT ENTIRELY OR BROUGHT TO THE ARBITRATORS. IT'S MY UNDERSTANDING THAT WELLS FARGO MOST LIKELY CAME TO THE CONCLUSION THAT IT WOULD BE FAR CHEAPER TO SETTLE, THAN TO CONTINUE TO FIGHT AND BE PROVEN RIGHT. THEY ADMITTED NO LIABILITY AND PAID OUT $22,000. MY CONTRIBUTION AMOUNT WAS $0.00 IN THE ARBITRATION. THE CLIENT WAS ASKING FOR $100,000 AND RECEIVED $22,000 LESS LEGAL FEES. THIS AMOUNTS TO PRACTICALLY NOTHING, BECAUSE THEY HAD NO CASE. IF YOU HAVE ANY CONCERNS OR QUESTIONS AFTER READING THIS PLEASE REACH OUT TO ME.
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