COVID-19 UPDATE: We're Open and Ready to Serve Our ClientsLearn More Here

SSEK Investigates Investment Loss Claims Involving Wells Fargo Broker Jeffrey Eiler

Wells Fargo Stockbroker Accused Of Overconcentration & Unsuitable Investments 

Wells Fargo Clearing Services broker, Jeffrey Eiler, has been the subject of 12 customer investment loss disputes, most of which were settled and a few that were denied. If you are an investor who lost money while Eiler was your registered representative, our stockbroker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) want to offer you a free case assessment. 

The customer disputes against Eiler go back more than twenty years. According to his BrokerCheck record, most of the settlements were paid by the firm where he was a registered representative. 

With 38 years in the industry, Eiler, who also is a registered investment advisor, has been a broker at 11 other firms aside from Wells Fargo, where he has been for 14 years. These other broker-dealers include Janney Montogomery Scott, Prudential Securities Inc., PaineWebber Inc., NationsBanc Securities, Commvest Securities, Thomson McKinnon Securities, First Jersey Securities, Useden Securities, and Investacorp. 

Recent Investment Loss Claims Involving Jeffrey Eiler 

Jeffrey Eiler’s BrokerCheck record (CRD#: 1028716) states that the Wells Fargo broker has been investigated over customer complaints and disputes claiming acts resulting in investment loss including overconcentration and the recommendation of unsuitable investments. 

Below is a timeline of the most recent disputes involving Jeffrey Eiler: 

 

  • 2018: A customer claim was settled for $135K over allegations of unsuitable concentration in a bond fund. 
  • 2017: Another claim, settled for $80K alleged that the customer’s portfolio was overconcentrated in unsuitable investments. 
  • 2017 and 2016: Two other customer disputes, settled for $20K and $15K, respectively, also alleged overconcentration. 
  • 2016: A customer dispute, settled for $50K, alleged unsuitable investments.
  • 2015: Another dispute, settled for $65K, alleged unsuitable investments involving retirement accounts. 
  • 2009: Settled for $60K, this customer claim alleged overconcentration and the recommendation of unsuitable investments. 
  • 1995: Unsuitability and overconcentration were also alleged. The customer dispute was settled for $15K. 

 

What Is Overconcentration? 

It is important that brokers should diversify a customer’s portfolio so as to decrease the risks. Concentrating too much of an investor’s assets in a certain type of investment or investment class can lead to huge losses should that particular investment fail. We’ve already seen this in certain cases involving investments such as GPB Funds and REITs. 

When Can Unsuitability Be Claimed?

Brokers and their firms must only recommend investments that are appropriate for a customer’s risk tolerance level, goals and portfolio. They must have reasonable grounds for deeming an investment suitable. Recommending unsuitable investments also can lead to huge losses. 

If you feel that a broker, whether from Wells Fargo brokerage or another firm, has recommended unsuitable investments to you that don’t or didn’t reflect your portfolio or goals, you have grounds to file an unsuitability claim. 

Pursuing Damages From Your Broker’s Firm

Broker-dealers can be held liable for their stockbrokers or investment advisors’ negligent or fraudulent actions. It is the duty of brokerage firms to properly supervise their financial representatives and the actions that they take. 

Over the years, SSEK Law Firm has successfully pursued many investment fraud claims against financial firms that failed to supervise their stockbrokers and financial advisors. We’ve helped our clients recover many millions of dollars in damages. Contact us today if you are a victim of broker fraud.

Contact Information