RICHARD JOHN GIANNONE is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 1000 CHESTERBROOK BLVD, STES 101, 102, 103 & 106, BERWYN, PA, 19312.
RICHARD JOHN GIANNONE has worked at WELLS FARGO CLEARING SERVICES, LLC since October 01, 1999
Disclosure History
RICHARD JOHN GIANNONE has 2 Disclosure Event(s).
Date: January 02, 2009 Category: Customer Dispute Allegations: CLAIMANTS, RESIDENTS OF FLORIDA, ARE ALLEGING VIOLATION OF FLORIDA STATUTE CHAPTER 517, COMMON LAW FRAUD, BREACH OF FIDUCIARY DUTY, NEGLIGENCE AND BREACH OF CONTRACT AGAINST WACHOVIA SECURITIES FA FOR AN OVER-CONCENTRATED POSITION OF WACHOVIA CORP HELD IN THEIR ACCOUNTS DURING 2008 WHICH RESULTED IN A LOSS OF APPROXIMATELY $300,000. CLAIMANTS SEEK COMPENSATORY DAMAGES OF NOT LESS THAN $300,000 AS WELL AS PUNITIVE DAMAGES IN THE AMOUNT OF $900,000 PLUS INTEREST, FEES, COSTS AND SUCH FURTHER RELIEF AS THE PANEL DEEMS JUST AND APPROPRIATE. Damage Amount Requested: $300,000.00 Settlement Amount: $125,000.00 Broker Comment: WITHOUT ADMITTING ANY LIABILITY, THE CASE SETTLED FOR $125,000 TO AVOID THE COSTS AND UNCERTAINTY OF ARBITRATION.
Date: January 15, 1993 Category: Customer Dispute Allegations: CUSTOMER CLAIMED TO HAVE BEEN DAMAGED BYMYSELF BY MAKING UNSUITABLE INVESTMENT RECOMMENDATIONS.CUSTOMER FILED AN ARBITRATION CLAIM OF $40,000 RELATING TOLOSSES INCURRED IN A MARGIN TRADING ACCOUNT DURING 1989-91 TIMEFRAME. Damage Amount Requested: $40,000.00 Settlement Amount: $20,000.00 Broker Comment: THE FIRM SETTLED WITH THE CLIENT FOR $20,000.00. NO ADMITTING ANY WRONG DOING. DEAN WITTER AND MYSELF BELIEVEDTHE CLAIM HAD LITTLE MERIT, BASED UPON RESEARCH OF THE ACCOUNTHISTORY, AND TRADING OF THE ACCOUNT. WHEN PRESENTED WITH OURFINDINGS, THE CLIENT CHOSE TO ACCEPT $20,000 AS SETTLE-MENT ASOPPOSED TO THE RISKS OF SEEING THE ARBITRATION THROUGH. THEREWERE NO PENALTIES OR FINES, RESTRICTIONS OR SUSPENSION TOMYSELF.THROUGHOUT MY 12 YEAR CAREER AT DEAN WITTER, IMANAGED ONLY ONE MARGIN ACCOUNT, THAT BEING FOR THE ABOVEREFERENCED [CUSTOMER]. THIS BUSINESS RELATIONSHIP BEGAN AT THISSUGGESTION WHEN HE REALIZED THROUGH HIS FRIEND THAT HE COULDUSE HIS CONSIDERABLE HOLDINGS IN IBM AS EQUITY COLLATERAL. THEACCOUNT TRADED SUCCESSFULLY FOR FOUR YEARS UNTIL ONE BADDECISION CAUSED THE FIRST REAL LOSS. AFTER CONSIDERABLE VERBALPOSTURING, WE MANAGER TO GET THE ACCOUNT BACK TO EVEN, ONLY TOHAVE THE CLIENT REFUSE TO CLOSE THE ACCOUNT AND QUIT. THEPROBLEM WAS EXACERBATED BY THE FACT THAT THE IBM COLLATERALDEPRECIATED IN VALUE CONSISTENTLY.
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