Brokerage Customer Alert — The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Opens Investigation into Wells Fargo “Cross-Selling” Efforts for Violations of Securities Industry Regulations

The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”),,
has opened an investigation into potential Financial Industry Regulatory
Authority (FINRA) sales practice violations by Wells Fargo Advisors and
its financial advisors for activities similar to those recently reported
in The
Charlotte Observer. According to reports, Wells Fargo (NYSE:WFC)
used aggressive “cross-selling” tactics with its bank clients in order
to open investment accounts through its brokerage firm, Wells Fargo
Advisors. According to a
former bank branch manager, new account goals had minimum sales
requirements across all product lines which “became a living nightmare”
for their branch to meet.

According to K&T founder, Lawrence L. Klayman, “Our investigation
focuses on whether Wells Fargo Advisors had bank customers steered to
open investment accounts with the brokerage firm through high pressure
sales tactics motivated by contests which paid incentives to the
referring employees.” Mr. Klayman continues, “Wells Fargo touted the
contributions of ‘cross-selling’ to the bank’s profitability in public
pronouncements to shareholders. In the pursuit of profits, investor
rights may have been violated resulting in unsuitable investment
recommendations.” Mr. Klayman explains, “Wells Fargo Advisors and its
parent Wells Fargo bank, may have failed to supervise the
‘cross-selling’ activities of their bank employees and financial
advisors and should be held responsible.”

The sole purpose of this release is to determine whether brokerage firms
violated FINRA sales practice rules related to Wells Fargo Advisors
“cross-selling” efforts which may include; unsuitable
recommendations, breach
of fiduciary duty, misrepresentations
and omissions of material facts and a failure
to supervise. Investors who have information about the sales
practices of Wells Fargo Advisors and their financial advisors are
encouraged to contact Lawrence L. Klayman, Esq. or Raymond Gentile, Esq.
of Klayman & Toskes at (888) 997-9956, or visit our website at

About Klayman & Toskes, P.A.

K&T is a leading national securities law firm which practices
exclusively in the field of securities arbitration and litigation, on
behalf of retail and institutional investors throughout the world in
large and complex securities matters. The firm represents high
net-worth, ultra-high-net-worth, and institutional investors, such as
non-profit organizations, unions, public and multi-employer pension
funds. K&T has office locations in California, Florida, New York and
Puerto Rico.


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