PEDRO JOSE ESCOBAR is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 8550 SW 24TH ST, MIAMI, FL, 33155.
PEDRO JOSE ESCOBAR has worked at WELLS FARGO CLEARING SERVICES, LLC since April 16, 2014
Disclosure History
PEDRO JOSE ESCOBAR has 1 Disclosure Event(s).
Date: March 24, 2009 Category: Customer Dispute Allegations: FLORIDA STATE RESIDENT STATED IN WRITING SHE REQUESTED HER FA TO PURCHASE FIXED ANNUITIES IN 7/06. CUSTOMER STATED SHE TOLD FA NOT TO PURCHASE VARIABLE, AGGRESSIVE ANNUITIES. FA PURCHASED VARIABLE ANNUITIES, AND CUSTOMER'S ESTIMATED LOSSES ARE APPROXIMATELY $45,000. Damage Amount Requested: $45,103.89 Broker Comment: THE CUSTOMER OWNED FIXED ANNUITIES PRIOR TO PURCHASING VARIABLE ANNUITIES. THE FA STATED CUSTOMER UNDERSTOOD VARIABLE ANNUITIES, AND LIKED THE BENEFITS OF THE INCOME RIDERS AND DEATH BENEFITS. THE CUSTOMER PURCHASED THE ANNUITIES IN 7/06, RECEIVED ACCOUNT STATEMENT REFLECTING THE DOLLAR COST AVERAGING AND THE MARKET VALUE FLUCTUATIONS, YET SHE DID NOT BRING HER CONCERNS TO THE FIRM'S ATTENTION UNTIL THE ANNUITIES DECLINED BELOW THEIR INITIAL PREMIUM VALUE. THE CUSTOMER ALSO SIGNED VARIABLE ANNUITY DISCLOSURE FORMS. BASED ON THE FOREGOING, THE COMPLAINT IS DENIED.
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