STEVEN FREDERICK BECHER is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 205 108TH AVE NE, 2ND & 5TH FLS, BELLEVUE, WA, 98004.
STEVEN FREDERICK BECHER has worked at WELLS FARGO CLEARING SERVICES, LLC since March 04, 2011
STEVEN FREDERICK BECHER has 6 Disclosure Event(s).
Date: July 15, 2015 Category: Customer Dispute Allegations: Client alleged investments are unsuitable. (3/4/2015-7/15/2015) Broker Comment: Given the clients investment objective and time horizon, I recommended a conservative income portfolio. I explained all risks and expenses to the client before investing and after investing in the conservative income portfolio. Client agreed to invest into the conservative income portfolio knowing the value could fluctuate.
Date: April 30, 2012 Category: Customer Dispute Allegations: THE CUSTOMER ALLEGES UNSUITABLE INVESTMENT RECOMMENDATIONS AND MISREPRESENTATION AND OMISSION OF MATERIAL FACTS FROM NOVEMBER 2006 TO NOVEMBER 2008. Damage Amount Requested: $350,000.00 Settlement Amount: $150,000.00 Broker Comment: MR. BECHER DENIES ANY WRONGDOING ASSOCIATED WITH THIS MATTER. THE CLIENTS WERE INVESTED IN A DIVERSIFIED FIXED INCOME PORTFOLIO, PER THEIR REQUEST, WHICH WAS SUITABLE FOR THEIR STATED RISK TOLERANCES. THE CLIENTS SOLD THEIR PORTFOLIO AT THE LOWEST POINT IN THE MARKET AGAINST THE SPECIFIC ADVICE FROM MR. BECHER. THEREFORE THEY DID NOT PARTICIPATE IN ANY MARKET RECOVERY.
Date: March 11, 2003 Category: Customer Dispute Allegations: CLIENTS STATE THAT THEY CONTACTED IR SEVERAL TIMES WITH THEIR CONCERNS ABOUT THE VALUE OF THEIR MUTUAL FUND INVESTMENTS. CLIENTS FELT THEIR FUNDS WERE IN TROUBLE, BUT CLAIM THAT IR CONTINUED TO TELL THEM TO HOLD ON TO THEIR MUTUAL FUNDS. CLIENTS CLAIM THEY INVESTED $89,000.00 IN NOVEMBER OF 1999 AND THAT THEY HAD LOST ABOUT $40,000.00BY OCTOBER 2002, AND THAT THIS WAS THE FAULT OF THE FIRM AND THE IR. Damage Amount Requested: $49,000.00
Date: July 22, 2002 Category: Customer Dispute Allegations: CLIENT CLAIMS IR MISREPRESENTEDHIS VARIABLE ANNUITY BY STATING THERE WAS A GUARANTEED 9% RATE FOR FIRST YEAR ON $37,378.86 AFTER WHICH THE INVESTMENT WOULD BE TRANSFERRED TO VARIOUS SUBACCOUNTS. CLAIMS IR TOLD HIM AN $20M COULD BE ADDED TO THE ANNUITY AND THE ADDITIONAL INVESTMENT WOULD ALSO EARN 9%, BUT THE CLIENT DISCOVERED THIS WAS NOT TRUE. Damage Amount Requested: $5,000.00
Date: September 07, 2001 Category: Customer Dispute Allegations: CPA WROTE ON BEHALF OF CLIENT. CPA ALLEGED INVESTMENTS WERE UNSUITABLE BASED UPON CLIENT'S HEALTH STATUS AND EXPECTED DECREASE IN INCOME STREAM. IN 11/00, VARIOUS FIXED INCOME PRODUCTS WERE PURCHASED AND ONE ORCL, AS WELL AS PUTNAM AND FEDERATED MFDS. ADDITIONAL FIXED INCOME PRODUCTS WERE PURCHASED IN 04/01. Damage Amount Requested: $5,000.00 Broker Comment: SALE PROCEEDS WERE GENERATED FROM THE SALE OF THE RELATIVELY AGGRESSIVE EQUITY INVESTMENTS. AT THE TIME OF THE PURCHASES, CLIENT WOULD HAVE RECEIVED TRADE CONFIRMATIONS AND SUBSEQUENT CUSTOMER STATEMENTS. TRADES APPEARED TO HAVE BEEN ENTERED WITH CLEINT'S AUTHORIZATION AND UNDERSTANDING OF THE RISKS INVOLVED WITH THE TRANSACTIONS. FURTHER, IT APPEARS THE TRADES WERE IN LINE WITH THE CLIENT'S STATED INVESTMENT OBJECTIVES AND FINANCIAL WHEREWITHAL. CLAIM DENIED.
Date: July 11, 2001 Category: Customer Dispute Allegations: CLIENT STATES BECHER ADVISED HER THAT THE 100M ANNUITY SHE PURCHASED IN APRIL 2000 WOULD INCUR NO COMMISSIONS AND NO CHARGE TO LIQUIDATE AND WOULD GROW 13% PER YEAR. THE CLIENT STATES SHE PAID $3,500 IN COMMISSION AND THE VALUE OF THE ANNUITY HAS DECLINED TO APPROXIMATELY $75,000. Damage Amount Requested: $75,000.00 Broker Comment: BECHER INDICATES THE CLEITN EXPRESSED AN INTEREST IN GROWHT AND INCOME AND BECHER THEN PRESENTED ANNUITIES AS POSSIBLE INVESTMENT ALTERNATIVE. BECHER STATES HE EXPLAINED THE ANNUITY COULD BE PURCHASED WITH AN UP-FRONT SALES CHARGE OR WITH A BACK-END SALES CHARGE. BECHER STATES HE ALSO DISCUSSED MARKET FLUCTUATION, SURRENDER CHARGES, DEATH BENEFIT AS WELL AS SUB-ACCOUNTS. THE CLIENT SIGNED THE ANNUITY APPLICATION AND CONFIRMATION WHICH INDICATES THE CLIENT UNDERSTOOD THE ANNITY CONTRACT AND PROSPECTUS. CLAIM DENIED.
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