When Customer Sought To Renew A Bank CD, Broker Gloria Curling Of Wells Fargo Advisors LLC Allegedly Put The Money Into A Junk Bond Fund Without Explaining The Investment

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The Law Offices of Jeffrey A. Feldman Represents A Northern California Senior Citizen And Her Daughter In A FINRA Arbitration Claim Against Broker Gloria Curling, Wells Fargo Investments LLC, And Wells Fargo Advisors LLC (“Wells Fargo”). When The Claimant Sought To Renew A Bank CD, A Broker With Wells Fargo Allegedly Put The Money Into A Risky Investment Called The Hartford Floating Rate Fund.

The Law Offices of Jeffrey A. Feldman currently represents a Northern California senior citizen and her daughter, in a FINRA Arbitration claim against Wells Fargo Investments LLC, Wells Fargo Advisors LLC, and broker Gloria Curling (FINRA Case No. 12-00500). According to allegations in the FINRA claim, when the Claimant requested renewal of a bank CD, Gloria Curling, a broker at Wells Fargo placed the Claimants’ money in a junk bond fund instead. In or about 2004, the Claimant received an inheritance of approximately $300,000, which she placed in a CD at Wells Fargo Bank to hold the funds in safekeeping for her children, according to allegations in the FINRA claim. In June of 2007, when the CD matured, Curling contacted the Claimant to invite her to come into the bank to discuss her investment, per the claim filed with FINRA. At the bank, according to allegations in the FINRA claim, Curling presented the Claimant with papers prepared in advance of her arrival. Curling told the Claimant she needed to sign the paperwork in order to reinvest the money, according to allegations in the FINRA Claim. As alleged in the FINRA claim, the paperwork included forms for opening a brokerage account with Wells Fargo. The Claimant, a senior citizen whose only investment experience was with bank CDs, told Curling that the money was for her children, and that she wanted to keep it safe and put it into another CD, as alleged in the FINRA claim. More information about the Law Offices of Jeffrey A. Feldman can be found at http://www.jeffreyfeldman.com.

According to allegations in the Statement of Claim filed with FINRA, when the Claimant signed the papers, she still believed that her money was going to be reinvested into a CD. Curling did not review the paperwork with the Claimant before obtaining her signature, and per allegations in the FINRA claim, gave her no information relating to the investment made. Instead of placing the money into a CD as requested, Curling invested the money into the Hartford Floating Rate Fund, a bank loan fund, composed of junk bonds, or below investment grade corporate loans, per allegations in the FINRA claim.

When the Claimant became aware that her balance was declining, per allegations in the FINRA claim, she went back to the bank to ask Curling to explain what had been done with the money. Curling simply said that she invested the $300,000 into the Hartford fund, and according to allegations in the FINRA claim, once again failed to give the Claimant any paperwork explaining the investment. At no time did Curling inform the Claimant that she could change her mind, reverse the transaction, or otherwise take the money out of the account, according to allegations in the FINRA claim. As the Hartford Fund continued to lose money during the following months, per allegations in the FINRA claim, the Claimant went back to the bank several times to discuss her concerns over the declining balance of her account, and bank employees repeatedly failed to inform her that she could withdraw her money from the investment.

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Jeffrey Feldman
Law Offices of Jeffrey Feldman
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