National investment loss lawyers KlaymanToskes is investigating broker Richard Wesselt (CRD# 2195569) of Wesselt Capital Group, Fortune Financial Services and The O.N. Equity Sales Company (“ONESCO”), who has been barred from acting as a broker by the Financial Industry Regulatory Authority (“FINRA”), following allegations that he promoted unsuitable investment strategies involving the purchase of variable annuities and whole life insurance policies which did not align with his customers’ investment profiles, time horizons, liquidity needs, and risk tolerances.
FINRA’s findings disclosed that an integral component of Wesselt’s strategies was his recommendation that customers first liquidate their retirement savings in order to purchase variable annuities. Then, almost immediately after purchasing these annuities, Wesselt often recommended that customers make substantial and costly withdrawals from the annuities in order to purchase from Wesselt whole life insurance policies.
FINRA found that Wesselt’s recommendations to 78 customers that they purchase variable annuities as part of this investment strategy were unsuitable, and resulted in significant harm to these customers, including unnecessary surrender charges, costly fees and penalties, forfeiture of expected benefits, and the depletion or complete loss of their retirement savings.
In addition to Wesselt’s misconduct, Fortune Financial Services was censured by FINRA in February 2023 for failing to establish an adequate supervisory system to ensure compliance with suitability requirements regarding variable annuity recommendations. The firm also failed to address red flags indicating unsuitable recommendations, and was required to pay restitution of $612,172 plus interest to affected customers.
According to FINRA BrokerCheck, broker Richard Wesselt was previously registered with The O.N. Equity Sales Company (ONESCO) from 2014 to 2017, and with Fortune Financial Services from 2017 to November 2020 in Collegeville, PA. Wesselt was reportedly also doing business as Wesselt Capital Group.
Investors that suffered losses with broker Richard Wesselt are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at investigations@klaymantoskes.com to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national investment loss law firm that represents the interests of investors throughout the world who have suffered losses due to broker misconduct, investment fraud, and securities violations.
The article linked below contains important information relating to the complaint against broker Richard Wesselt:
If you suffered losses with broker Richard Wesselt, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.
The firm has helped recover over $600 million (exclusive of attorneys fees and costs) for investors, and can help you determine if your loss is due to financial advisor misconduct, unsuitable investment advice, and/or other securities violations.
As an investor, there are a few signs that you should look out for if you believe you may have a claim against broker Richard Wesselt. These signs could potentially indicate broker misconduct, negligence, or investment fraud. Investors are encourage to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
According to FINRA, investment firms such as Fortune Financial Services and ONESCO are responsible for the supervision of all of the activities of their registered brokers and investment advisors. Investors may be entitled to a financial recovery if their brokerage firm failed to supervise the representative managing their brokerage account, and/or if their broker/advisor made unsuitable investment recommendations.
Engaging the services of an experienced securities attorney to evaluate the specific circumstances of your case is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker Richard Wesselt or have concerns regarding your investment portfolio at Fortune Financial Services and/or ONESCO, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation to discuss recovery options.