National investment loss lawyers KlaymanToskes is investigating Jeffrey Walls (CRD# 4226181) of Wells Fargo following the filing of a customer complaint alleging $60,000 in damages due to the mishandling of a discretionary account which resulted in investor losses.
Investors that suffered losses with Jeffrey Walls may be entitled to a financial recovery. Contact Lawrence L. Klayman, Esq. immediately at (888) 997-9956 or lawrence@klaymantoskes.com to discuss your recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
According to FINRA BrokerCheck, Jeffrey Dean Walls is currently registered as a broker/investment advisor with Morgan Stanley in Tacoma, WA. He was previously registered with Merrill Lynch, Pierce, Fenner & Smith.
Walls has been hit with a customer complaint alleging $60,000 in investor damages due to the mishandling of the customer’s discretionary account. The customer further alleges that Walls sold securities after having been instructed not to do so.
Under FINRA Rule 3260(b), no registered representative “shall exercise any discretionary power in a customer’s account” without prior written authorization by the customer and written acceptance by the member.
When financial advisors have received written “discretionary” authorization, they must not misuse or exceed that authority by engaging in excessive trading, churning, or recommending unsuitable investment strategies.
Excessive transactions could be deemed a breach of fiduciary duty and a FINRA sales practice violation, exposing the brokerage firm and its representative to liability for unauthorized trading or other misconduct.
A violation of Rule 3260(b) is also a violation of FINRA Rule 2010, which requires brokerage firms and their registered representatives to “observe high standards of commercial honor and just and equitable principles of trade.”
Customers of Jeffrey Walls that suffered losses at Wells Fargo are encouraged to contact our firm immediately to discuss recovery options at 888-997-9956 or on the web at www.klaymantoskes.com.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lawrence@klaymantoskes.com
www.klaymantoskes.com