JOHN JOSEPH MORLEY

JOHN JOSEPH MORLEY is currently employed as a Broker and/or Investment Adviser at WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC located at 21700 OXNARD ST STE 1850, WOODLAND HILLS, CA, 91367.

JOHN JOSEPH MORLEY has worked at WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC since February 03, 2006

Disclosure History

JOHN JOSEPH MORLEY has 1 Disclosure Event(s).

Date: October 02, 1990
Category: Customer Dispute
Allegations: SECURITIES AND COMMODITY ACCOUNTS WERE OPENEDFOR THE CUSTOMER'S BY [CUSTOMER] ([CUSTOMER'S]BROTHER) ON THE ADVICEOF THE FIRM; CHURNING; FAILURE TO PRESERVE ASSETS. THEY SOUGHTRETURN OF APPROXIMATELY $22,000 IN CASH AND SECURITIES FROM[CUSTOMER'S]SECURITIES ACCOUNT.
Damage Amount Requested: $22,000.00
Settlement Amount: $10,000.00
Broker Comment: SETTLED. THE FIRM PAID [CUSTOMER] $10,000 ANDWROTE OFF A DEBIT BALANCE OF $51,000 IN [CUSTOMER'S] COMMODITYACCOUNT. FOR THE REASONS SET FORTH BELOW (SEE ITEM 9), THE FIRMIS NOT ASKING THAT THE BROKER OF RECORD ON THESE ACCOUNTS PAYANY PART OF THE SETTLEMENT AMOUNT.BECAUSE THIS EVOLVED OVER YEARS FROM A COLLECTIONMATTER TO A COMPLAINT, THE FILING OF THIS REPORT WASTHE $72,000 DEBIT RESULTING FROM THE MARKET CRASH OF '87BECAUSE IT BELIEVED, AND STILL BELIEVES, THAT THE SON/BROTHEROPENED AND DIRECTED TRADES IN THE ACCOUNTS AND, THEREFORE,NEITHER THE FIRM NOR THE BROKER OF RECORD SHOULD BE RESPONSIBLEFOR THE LOSSES. SUBSEQUENTLY, THE CUSTOMER MADE THEIR DEMANDS.BECUASE OF THE AGE OF THIS ITEM ND THE FACT THAT IT DID NOTAPPEAR THAT THE FIRM WOULD BE ABLE TO COLLECT THE MONIES OWED,IT SETTLED WITH THE CUSTOMES BY WRITING OFF THE DEBT AND PAYING$10,000 TO AVIOD THE TIME AND EXPENSE OF LITIGATION.

More Information

All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings and criminal or civil judicial proceedings.

A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.

BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.

To view the full report for JOHN JOSEPH MORLEY, click here.

The use of BrokerCheck data is subject to the BrokerCheck Terms of Use.