BrokerSearch

BrokerSearch

NELSON BLAIR PATTERSON

NELSON BLAIR PATTERSON is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 265 BROOKVIEW CENTRE WAY, STE 100, KNOXVILLE, TN, 37919.

NELSON BLAIR PATTERSON has worked at WELLS FARGO CLEARING SERVICES, LLC since August 20, 2010

Disclosure History

NELSON BLAIR PATTERSON has 1 Disclosure Event(s).

Date: January 04, 2006
Category: Customer Dispute
Allegations: THE TRUSTEE FOR THE TRUST ACCOUNT CLAIMS THAT THE INVESTMENTS IN THE TRUST HAVE BEEN UNSUITABLE. HE STATES THAT THE MOST "EGREGIOUS" INVESTMENTS WERE TWO VARIABLE ANNUITIES PURCHASED WHEN THE HIS MOTHER, THE OWNER OF THE TRUST, WAS 77 YEARS OLD AND 81 YEARS OLD. THE TRUSTEE ALSO CLAIMS THAT FROM THE BEGINNING THE FUNDS WERE PLACED IN INVESTMENTS THAT CARRIED THE RISK OF LOSS OF PRINCIPLE. HE CLAIMS A LOSS OF $6,850.28 WITH PUTNAM US GOVERNMENT FUND IN APPROXIMATELY THREE YEARS AND EARNINGS OF 4.6% WITH PUTNAM UTILITIES GROWTH OVER 4 YEARS. THE TRUSTEE ALSO STATES THAT THE SALE OF CERTAIN INVESTMENTS IN 1995 AND THE SUBSEQUENT PURCHASE OF A FNMA AND A VARIABLE ANNUITY WITH HARTFORD RESULTED IN 61% SUITABLE INVESTMENTS BUT 31% IN AN UNSUITABLE INVESTMENTS.THE TRUSTEE CLAIMS THAT THE OWNER OF THE TRUST HAS BEEN MISLED AND FINANCIALLY HARMED REGARDING SUITABLILITY AND FIDUCIARY RESPONSIBILITY. REQUESTS AN UNSPECIFIED AMOUNT OF REMUNERATION. CLAIMED LOSSES IN EXCESS OF $5,000
Damage Amount Requested: $5,000.00
Broker Comment: THE IR STATED THAT IN 1995 THE CLIENT REQUESTED A CHANGE IN HER PORTFOLIO. ONE OF THE IR'S RECOMMENDATIONS WAS THE PUTNAM HARTFORD CAPITAL MANAGER FUND. BASED ON THE CLIENT'S OBJECTIVES AT THE TIME THE IR FELT THIS INVESTMENT COULD OFFER ADDITIONAL DIVERSIFICATION, POTENTIAL FOR MORE RETURN, TAX DEFERRAL AND DEATH BENEFITS. IN 1999, THE CLIENT WANTED ANOTHER CHANGE AND THE IR RECOMMENDED AIG SUNAMERICA ANNUITY. CONSIDERING THE CLIENT'S OBJECTIVES, THE IR FELT THIS COULD BE AN APPROPRIATE ADDITION TO THE PORTFOLIO. THE INVESTMENTS APPEAR TO HAVE BEEN AUTHORIZED, THE CLIENT WOULD HAVE REVIEWED AND SIGNED THE ANNUITY CONTRACTS AND THE FACT THAT ANNUITIES WERE OWNED HAS BEEN REFLECTED ON THE MONTHLY CUSTOMER STATEMENTS. IT DOESN'T APPEAR AS THOUGH THE CLIENT HAS EXPRESSED CONCERN REGARDING THE INVESTMENTS PREVIOUSLY. BASED ON AVAILABLE INFORMATION, THE CLIENT'S CLAIM IS DENIED.

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 NELSON BLAIR PATTERSON, click here.

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

How to choose a broker or investment adviser. Learn More