THOMAS E VELASQUEZ is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 770 TAMALPAIS DR STE 220, [NN-RBO], CORTE MADERA, CA, 94925.
THOMAS E VELASQUEZ has worked at WELLS FARGO CLEARING SERVICES, LLC since January 03, 2011
Disclosure History
THOMAS E VELASQUEZ has 5 Disclosure Event(s).
Date: May 20, 2009 Category: Customer Dispute Allegations: THE COMPLAINT AROSE OUT OF THE SALE OF AN AUCTION RATE SECURITY (ARS) THAT WAS MADE PRIOR TO THE WIDESPREAD ILLIQUIDITY IN THE ARS MARKET THAT OCCURRED IN FEBRUARY 2008. ACTIVITY DATE(S): 5/2/2006 Settlement Amount: $225,000.00 Broker Comment: THE FIRM REPURCHASED THE ARS SECURITIES AT ISSUE FROM THE CLIENT PURSUANT TO A GLOBAL REPURCHASE AGREEMENT IT ENTERED WITH SEVERAL REGULATORY BODIES. THIS WAS NOT A TRADITIONAL SETTLEMENT OF A DISPUTE BETWEEN THE CLIENT AND THE REPRESENTATIVE. THE NAMED REPRESENTATIVE: WAS NOT A PARTY TO, AND DID NOT AGREE TO OR PARTICIPATE IN, THE REPURCHASE AGREEMENT BETWEEN THE FIRM AND REGULATORS; THE NAMED REPRESENTATIVE DID NOT MAKE ANY PAYMENTS TO THE CLIENT; AND THE NAMED REPRESENTATIVE WAS NOT ASKED TO AND DID NOT CONTRIBUTE TO THE REPURCHASE AMOUNT. THIS MATTER IS BEING REPORTED AS A SETTLEMENT PURSUANT TO THE REQUIREMENTS OF FINRA REGULATORY NOTICE 09-12.
Date: April 02, 2008 Category: Customer Dispute Allegations: THE COMPLAINT AROSE OUT OF THE SALE OF AN AUCTION RATE SECURITY (ARS) THAT WAS MADE PRIOR TO THE WIDESPREAD ILLIQUIDITY IN THE ARS MARKET THAT OCCURRED IN FEBRUARY 2008. ACTIVITY DATE(S): 12/19/2006 Settlement Amount: $50,000.00 Broker Comment: THE FIRM REPURCHASED THE ARS SECURITIES AT ISSUE FROM THE CLIENT PURSUANT TO A GLOBAL REPURCHASE AGREEMENT IT ENTERED WITH SEVERAL REGULATORY BODIES. THIS WAS NOT A TRADITIONAL SETTLEMENT OF A DISPUTE BETWEEN THE CLIENT AND THE REPRESENTATIVE. THE NAMED REPRESENTATIVE: WAS NOT A PARTY TO, AND DID NOT AGREE TO OR PARTICIPATE IN, THE REPURCHASE AGREEMENT BETWEEN THE FIRM AND REGULATORS; THE NAMED REPRESENTATIVE DID NOT MAKE ANY PAYMENTS TO THE CLIENT; AND THE NAMED REPRESENTATIVE WAS NOT ASKED TO AND DID NOT CONTRIBUTE TO THE REPURCHASE AMOUNT. THIS MATTER IS BEING REPORTED AS A SETTLEMENT PURSUANT TO THE REQUIREMENTS OF FINRA REGULATORY NOTICE 09-12.
Date: December 19, 2007 Category: Customer Dispute Allegations: CLIENT CLAIMS SHE DID NOT APPROVE PURCHASE OF DWS DREMAN VALUE FUND IN 11/06. CURRENT UNREALIZED LOSSES FOR THE POSITION EXCEED $5,000. Settlement Amount: $12,500.00 Broker Comment: IN JUNE 2006, I INITIALLY MET THIS CLIENT TO DISCUSS HER ASSETS WITH ANOTHER BROKER-DEALER SHE WAS CONSIDERING TRANSFERRING. HER PORTFOLIO WAS HEAVILY INVESTED IN INHERITED OIL STOCKS. SHE HAD SMALLER HOLDINGS IN BONDS/PREFERRED STOCK & TRUST ACCOUNT, PAYING A MONTHLY INCOME. HER STATED GOAL WAS INCOME & HER IMMEDIATE NEED WAS A SHORT TERM RATE FOR PROCEEDS FROM A REAL ESTATE SALE. CLIENT AGREED TO INVEST WITH ME & NEEDED TO DECIDE HOW TO BEST INVEST THIS MONEY ALONG WITH THE MONEY FROM A POSSIBLE TRANSFER. I SHOWED THE CLIENT VARIOUS SHORT TERM INVESTMENT OPTIONS & AGREED TO OPEN A WELLS FARGO BROKERAGE ACCOUNT. ADDITIONAL MONEY WAS DEPOSITED IN ACCOUNT IN JULY. IN SEPT 2006, WE MET & MATURED CD PROCEEDS WERE INVESTED IN MONEY MARKET, PENDING PURCHASE OF HOME. CLIENT ASKED ABOUT ANNUITIES & OTHER INVESTMENTS THAT PROVIDE INCOME. I RESEARCHED & ON 11/10/06 WE DISCUSSED A CLOSED-END INCOME MUTUAL FUND, A COMPLIMENT TO CURRENT HOLDINGS. DURING MEETING, WE REVIEWED LITERATURE/PROSPECTUS. WE DISCUSSED: PORTFOLIO'S LEAD MANAGER; HIS INVESTMENT STRATEGY; CONTRARIAN VALUE STRATEGIES VS. GROWTH STRATEGIES; ASPECTS OF CLOSED-END FUNDS; & FUNDS TOTAL RETURN STRATEGY, INCOME GOAL, & ANNUAL DIVIDEND PAID MONTHLY. I EXPLAINED & CLIENT UNDERSTOOD THAT MUTUAL FUNDS INVOLVE RISKS & THAT SHE WILL PAY A COMMISSION FOR NEW OFFERING. ON 11/13/06 I FOLLOWED-UP WITH THE CLIENT & RECOMMENDED THE SALE OF STOCK TO FUND PURCHASE. CLIENT AGREED TO THE SALE, USING AVAILABLE CASH. INVESTMENT REPRESENTED ROUGHLY 8% OF LIQUID ASSETS. IN FEB 2007, CLIENT WAS CONCERNED ABOUT FUNDS DECREASED VALUE. I REMINDED CLIENT HER PRIMARY GOAL WAS INCOME & FUND'S PRICE FLUCTUATIONS DON'T EFFECT INCOME DISTRIBUTION. I TOLD THE CLIENT TO STICK WITH IT TO CONTINUE TO TAKE THE INCOME SHE NEEDED OR WE COULD SELL IF SHE WAS NOT COMFORTABLE WITH FURTHER PRICE DECLINES. CLIENT AGREED TO GIVE THE FUND MORE TIME. THE CLIENT DIDN'T RAISE AN ISSUE OF UNAUTHORIZED TRADES, UNTIL AFTER THE FUND BEGAN TO LOSE VALUE.
Date: August 17, 2006 Category: Customer Dispute Allegations: ALLEGES SHE CONSENTED TO PURCHASE THE SECURITY BASED ON NUMEROUS MISREPRESENTATIONS AND MATERIAL OMISSIONS OF FACTS CONCERNING THE INVESTMENT BY MR. VELASQUEZ. Damage Amount Requested: $15,826.46 Broker Comment: ON 3/3/06, THE CLIENT WAS REFERRED TO ME BY HER PERSONAL BANKER IN TIBURON. THE CLIENT HAD $1.5MM TO INVEST AND WAS LOOKING FOR IDEAS OTHER THAN THE PRODUCTS OFFERED BY THE RETAIL BANK. ON 4/4/06, I MET WITH THE CLIENT. SHE CONFIRMED THAT SHE COULD INVEST $1.5MM FOR WELL OVER 12 MONTHS. THE CLIENT DID NOT WANT ANY MORE EQUITY INVESTMENTS, AS THOSE WERE BEING HANDLED BY HER HUSBAND, WHO RUNS AN EQUITY MANAGEMENT FIRM IN SAN FRANCISCO. THE CLIENT DID WANT TO LEARN ABOUT INCOME IDEAS THAT HER PERSONAL BANKER MENTIONED I USE WITH MY CLIENTS. I THEN DESCRIBED IN DETAIL THE FEATURES, BENEFITS, COSTS AND RISKS OF BOTH THE 7 DAY AUCTION RATE PREFERRED AND THE ING SENIOR INCOME FLOATING RATE MUTUAL FUNDS. MY RECOMMENDATION WAS TO INVEST $500K IN 7 DAY AUCTION AND $1MM IN THE ING SENIOR INCOME FUND. I TOLD THE CLIENT THAT A $1MM OR MORE INVESTMENT IN THE ING SENIOR INCOME FUND DOES NOT HAVE UPFRONT SALES CHARGES, BUT DOES HAVE A 1% CDSC WITHIN THE FIRST 12 MONTHS. I THEN TOLD THE CLIENT THAT THE 7 DAY AUCTION PREFERRED DOES NOT HAVE A FEE TO PURCHASE. I GAVE THE CLIENT COPIES OF THE SALES LITERATURE AND PROSPECTUS FOR THE ING SENIOR INCOME FUND THAT WE REVIEWED. THE CLIENT SAID SHE WOULD TAKE THEM HOME AND REVIEW MY IDEAS WITH HER HUSBAND. ON 4/5, MY ASSISTANT SENT NEW ACCOUNT PAPERWORK TO THE CLIENTS. ON 5/2, A NEW TRUST ACCOUNT WAS OPENED FOR THE CLIENTS. THE CLIENT CONFIRMED TO ME THAT SHE WANTED TO INVEST THE ENTIRE AMOUNT IN THE ING SENIOR INCOME FUND.
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.
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