INVESTORS: Wedbush Securities broker Chadwick Collins was named in two customer disputes alleging neglectful and reckless handling of client portfolios.
Chadwick Collins (CRD#: 2597677) is registered as a broker and investment adviser with Wedbush Securities, where he has been employed since February 2022. Previously, Collins was registered as a broker and investment adviser with Kestra Investment Services from 2017 until 2022.
Collins has seven disclosures on his BrokerCheck report. One disclosure on Collins’s BrokerCheck report relates to separate criminal allegations.
November 2021 Customer Dispute
Allegations: Client alleges FP was neglectful and reckless with the management of their portfolio from 2017 until 2021.
Damage Amount Requested: $2,375,000.00
November 2021 Customer Dispute
Allegations: Client alleges account losses in IRA and Trust due to lack of fiduciary responsibility and margin activity.
Damage Amount Requested: $1,000,000.00
June 2021 Customer Dispute
Allegations: Claimant alleges that Representative Collins made unsuitable recommendations and investments that were inconsistent with his investment profile. Additionally Claimant alleges that Representative Collins recommended Claimant replace employer sponsored term life policy with IUL policy without providing material information, including the true cost of the premiums. Further, Claimant alleges that Representative Collins recommended that Claimant secure loan proceeds and then subsequently invested said loan proceeds in various investments. Claimant alleges that due to Representative Collin’s recommendations and investment practices he incurred damages.
Damage Amount Requested: $600,000.00
Settlement Amount: $150,000.00
March 2016 Customer Dispute
Allegations: Client alleged commissions were not disclosed in advance of transactions. (12/29/2015-3/18/2016)
Settlement Amount: $6,559.31
Broker Comment: Historically, the account did not engage in many transactions, but recently the client changed his investment strategy to include more active trading. I was unaware that the increase in trading would continue which resulted in a notable increase in commission. In order to accommodate the client’s changing investment strategy, the account was enrolled in a Fee-Based program and a portion of the commissions for the past active trading were rebated as a courtesy.
June 2013 Customer Dispute
Allegations: The customer alleges excessive trading and unsuitable investment recommendations from 2006 to 2009.
Damage Amount Requested: $700,000.00
Damages Granted: $150,000.00
June 2009 Employment Separation After Allegations
Firm Name: Merrill Lynch, Pierce, Fenner & Smith, Inc.
Termination Type: Discharged
Allegations: Mr. Collins was terminated on June 8, 2009 for violating the firm’s policy regarding short-term mutual fund trading and having checks in his personal account returned for insufficient funds. This conduct did not involve customer accounts.
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