Ronald R. Blasczyk (CRD#: 3065429) is a registered broker and investment advisor with Wells Fargo Clearing Services, LLC. Blasczyk is under investigation by FINRA, for allegedly making unsuitable investment recommendations. This investigation specifically relates to one of his clients, a 75-year old woman.
FINRA’s December 3 regulatory decision on Blasczyk’s BrokerCheck record is pending. It deals with the broker’s liquidation of a highly valuable annuity owned by his client. Blasczyk suggested his client liquidate her annuity. She rejected this recommendation and told him specifically not to liquidate it. Unbeknownst to his client, the broker liquidated the variable annuity anyway. The result was a large loss for his client, and the following allegations for Blascyk:
– unsuitable recommendations,
– acting without the knowledge or permission of his client,
– lack of understanding of products recommended, and,
– recording misleading information in the firm’s records.
His client had owned the variable annuity for more than ten years and it’s liquidation resulted in a loss of $153,000 in guaranteed income for the client. Blasczyk also recorded misleading and untrue statements about his actions. As a result, the client did not become aware of the liquidation for more than a year after it took place.
The decision by FINRA affirms that Blasczyk committed the violations. The report recommends sanctions and that the broker pays all costs.
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