Financial Advisor Richard Wesselt has been barred by FINRA. FINRA barred financial advisor Richard Wesselt made unsuitable recommendations that did not take into account his customer’s risk tolerance, liquidity needs, and time horizon.
In many cases, Richard Wesselt recommended his customers liquidate their tax-deferred retirement accounts causing them to lose the benefit of these types of accounts. Then, he recommended that those same investors use the proceeds from their retirement accounts to purchase variable annuities. Once those new accounts were established, he recommended that the investors take early withdrawals. Richard Wesselt’s recommendations lead to surrender charges, fees, and penalties.
Moreover, a FINRA investigation found that Richard Wesselt had been directing his staff to obtain investor signatures on blank forms for him or his staff to complete later. For these reasons, Richard Wesselt has been permanently barred from association with any FINRA member in any capacity.
According to BrokerCheck, Richard Wesselt worked as a financial advisor from August 1992-November 2020, when he consented to be barred from association with any FINRA member in any capacity. Richard Wesselt worked at Fortune Financial Services, Inc. from September 2017 through November 2020. Prior to working at Fortune Financial Services, Inc. he worked at The O.N. Equity Sales Company from March 2014 through September 2017.
Currently, Richard Wesselt has a total of 20 customer disputes with only one of them still pending.
Richard Wesselt disregarded his customer’s investment profiles including their need for liquidity, risk tolerance, and investment time horizon. The unsuitable strategies Richard Wesselt recommended caused many of his customers financial harm. Additionally, he engaged in the practice of having his customers sign blank forms to be completed later by Richard Wesselt or his staff.
Based on unsuitable strategies and vioalRichard Wesselt has been permanently barred from associating with any FINRA member in any capacity, including but not limited to, clerical and ministerial tasks as of November 9. 2020.
Since Richard Wesselt was barred from FINRA, the State of Maryland has revoked his registration.
Current and former customers of financial advisor Richard Wesselt with losses exceeding $100,000, and who may have information relating to the way the financial advisor handled their accounts, are encouraged to contact Lawrence L. Klayman, Esq., at (561) 542-5131.
KlaymanToskes is a leading national securities law firm that practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. KlaymanToskes has recovered more than $220 million for investors in FINRA arbitrations. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Contact:
KlaymanToskes
lklayman@klaymantoskes.com
Lawrence L. Klayman, Esq. (561) 542-5131