CHICAGO, Oct. 20, 2014 (GLOBE NEWSWIRE) -- The securities arbitration law firm of Stoltmann Law Offices PC announced today that it has filed a $1.3 million FINRA Statement of Claim requesting damages for claims related to selling away, unsuitable investment recommendations, misrepresentations and omissions, failure to supervise and fraud against Wells Fargo Advisors LLC. The Statement of Claim deals with the actions of Mark James Frew. Frew was an employee of Wachovia Securities LLC and then Wells Fargo from July 2003 through January 2014, when he resigned voluntarily following an internal investigation opened by Wells Fargo into customer funds being wired into Mr. Frew's personal account.
According to Agent Frew's CRD report, he has 19 customer complaints. Four of these complaints, however, predate the "selling away" conduct at issue in the recently filed FINRA arbitration claim. Frew was permanently barred by FINRA on May 26, 2014 for failing to cooperate truthfully with an ongoing investigation into a promissory note scheme. On August 5, 2014, the California Department of Business Oversight barred Agent Frew from the securities industry in California permanently.
The FINRA Statement of Claim alleges Frew solicited investments in a promissory note scheme. The money solicited by Frew was to be invested and to purchase distressed properties in New Orleans and Northern Japan. The sales pitch allegedly made by Frew was essentially that the initial investor funds would pay for the purchase of these "distressed" properties left in the wake of hurricane Katrina in New Orleans and the tsunami disaster in Japan and refurbish them. The properties would then be sold for a profit.
If you lost money with Mark Frew, please call our securities law firm in Chicago and Barrington, Illinois for a free consultation by a lawyer to learn about contingency fee lawsuit and FINRA arbitration options or visit www.InvestmentFraud.PRO.