DID RICHARD MICHAEL WESSELT CAUSE YOU INVESTMENT LOSSES?
Richard Wesselt Formerly With Fortune Financial Services, Inc. Has 37 Customer Complaints For Alleged Broker Misconduct
About Richard Wesselt formerly with Fortune Financial Services, Inc.?
Richard Wesselt (CRD #2195569) has been active in the securities industry for over 30 years. Throughout his career, he has worked with multiple firms, including Fortune Financial Services, Inc. (09/2017 – 11/2020), The O.N. Equity Sales Company (03/2014 – 09/2017), and Sterne Agee Financial Services, Inc. (05/2002 – 03/2014). Wesselt holds several multi-state licenses and has passed two general industry/product exams: the Securities Industry Essentials Examination and the Series 6 Investment Company Products/Variable Contracts Representative Examination. He also passed the Series 63 Uniform Securities Agent State Law Examination. He is not currently registered with any firm.
Investment Losses? Let’s talk.or, give us a ring at (800) 732-2889.
Richard Wesselt Customer Complaints and Reviews
Richard Wesselt has 3 regulatory actions, and 37 customer disputes disclosed on his record, along with 1 termination. Below is a summary of notable disclosures:
- Regulatory Action 6/07/2022: The State of Minnesota permanently barred Wesselt due to numerous unsuitable annuity recommendations. He failed to respond to information requests. The case was resolved by consent.
- Customer Dispute 9/05/2023: A customer filed a complaint alleging unsuitable life insurance and variable annuity recommendations. The case was settled for $245,000.
- Customer Dispute 12/05/2023: A similar dispute regarding unsuitable life insurance recommendations was settled for $65,000.
- Customer Dispute 5/31/2022: A significant settlement of $1,500,000 was reached involving allegations of unsuitable recommendations and overselling life insurance.
Allegations Against Richard Wesselt
- Regulatory actions include a permanent bar issued by Minnesota due to unsuitable annuity recommendations and failure to respond to regulatory inquiries. This bar is effective across all capacities.
- Customer disputes predominantly involve allegations of unsuitable investment recommendations related to life insurance and variable annuities. These cases allege that Wesselt’s recommendations did not align with the customers’ risk profiles, time horizons, and liquidity needs, leading to significant financial losses.
- A few of the settlements were substantial, including a $1,500,000 settlement in 2022, reflecting the severity of the customer claims against Wesselt’s investment advice and sales practices.
Richard Wesselt Red Flags & Your Rights As An Investor
Of course, Richard Wesselt did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Richard Wesselt at Fortune Financial Services, Inc. on alert to review carefully the activity and performance of their accounts and question whether Richard Wesselt has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Fortune Financial Services, Inc. also raises questions about the brokerage firm’s supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
Did You Lose Money Because of Broker Misconduct?
If you have lost money due to negligence or fraud by a stockbroker or advisor, the easiest way to know if you have a case is to call our office at 800-732-2889. Our investment fraud attorneys will evaluate your claim for free and let you know if we can help you recover your losses.
Need Legal Help? Let’s talk.or, give us a ring at 561-338-0037.
File A Claim To Recover Your Investment Losses At Fortune Financial Services, Inc. Due To Richard Wesselt
If you have questions about Fortune Financial Services, Inc. and/or Richard Wesselt and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.
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