Wesselt has sixteen disclosures listed on his BrokerCheck report.
The Sonn Law Group is investigating allegations that Richard Wesselt committed misconduct. If you or a family member has suffered losses investing, we want to discuss your case. Please contact ustoday for a free review of your case.
Richard Wesselt (CRD#: 2195569) is currently a registered broker with Fortune Financial Services, Inc. in Collegeville, Pennsylvania, is the subject of 16 disclosures on his publicly-available FINRA BrokerCheck report.
Wesselt has been a broker since 1992 and previously worked for The O.N. Equity Sales Company, Stern Agee Financial Services, INC., American Investment Services, Inc., W.S. Griffith & Co., Inc., and PML Securities Company.
All but one of the 16 disclosures on Wesselt’s CRD are customer disputes. The disputes are listed as follows:
- December 2019 – Clients allege Wesselt recommended high-commission products including annuities and life insurance that were not suitable. $100,000 damages requested. This matter is pending.
- November 2019 – Unsuitable transactions regarding the sale of life insurance. Settled for $112,725. Wesselt denied any wrongdoing.
- November 2019 – Customer alleged that the sale of whole life insurance policies was unsuitable. $20,000 damages requested. This matter is pending.
- June 2019 – Unsuitable investment recommendations, investment strategy, and misrepresentations and omissions. $10,000,000 damages requested, pending.
- June 2019 – Unsuitable investment recommendations, breach of customer protection rules. $900,000 damages requested. This matter is pending.
- April 2019 – Customer alleges Wesselt recommended they took loans against policies and withdraw funds from annuities, 529 savings account, and IRA to purchase whole life insurance products. Settled for $207,500.
- April 2019 – Unsuitable investment recommendations, deceptive and unfair trade practices. $300,000 damages requested. This matter is pending.
- March 2019 – Unsuitable investment recommendations and investment strategy. $350,000 damages requested. This matter is pending..
- February 2019 – Unsuitable investment recommendations, investment strategy, and misrepresentations and omissions. Settled for $100,000.
- December 2018 – Unsuitable sales of insurance and annuities. $750,000 damages requested. This matter is pending.
- July 2018 – Unsuitable investment recommendations and misrepresentation. $400,000 damages requested. This matter is pending.
- August 2017 – Sale of variable annuity allegedly not suitable. Settled for $25,674.
- March 2017 – Negligent sale of unsuitable products in violation of fiduciary duty. Settled for $15,000.
- August 2016 – Sale of the variable annuity and life insurance alleged to be unsuitable. Settled for $24,257.
The first disclosure on Wesselt’s CRD is an employment separation from W.S. Griffith & Co., Inc. in 1997 regarding an allegation that he placed a customer’s signature on a document.
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The Sonn Law Group is currently investigating allegations that Richard Wesselt committed misconduct. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.