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Allen Schreiber: Variable Annuity Complaint Against Wells Fargo Rep

Allen SchreiberPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on January 23, 2019 indicate that California-based Wells Fargo Clearing Services broker/adviser Allen Schreiber has received resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Schreiber (CRD# 2935544).

Allen Schreiber has spent 20 years in the securities industry and has been registered with Wells Fargo Clearing Services in Long Beach, California since 2009. He was previously registered with Citigroup Global Markets in Long Beach, California (1998-2009). He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on May 25, 1999; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on March 19, 1998; SIE (Securities Industry Essentials Examination), which he obtained on October 1, 2018; and Series 7 (General Securities Representative Examination), which he obtained on March 6, 1998. He is a registered broker and investment adviser with 44 US states and territories.

According to his BrokerCheck report, he has received one customer complaint, one pending customer complaint, and two denied customer complaints.

In December 2018 a customer alleged Allen Schreiber, while employed at Wells Fargo Advisors, recommended a living benefit rider on a variable annuity that “was not of use to him due to the annual required minimum distributions.” The customer is seeking unspecified damages in the pending complaint.

In 2010 a customer alleged Allen Schreiber, while employed at Citigroup Global Markets, made unsuitable and excessive transactions with the goal of generating higher commissions. The complaint settled for $35,000.

In 2010 a customer alleged Allen Schreiber, while employed at Citigroup Global Markets, breached his fiduciary duty. The customer sought $1,100,000 in damages in the complaint, which was denied.

In 2002 a customer alleged he, while employed at Salomon Smith Barney, did not manage the account in a professional manner. The customer sought $46,000 in damages in the complaint, which was denied.

If you have lost money investing with Allen Schreiber, you may be entitled to recoup your losses. Call the attorneys at Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means we only get paid if and when you collect money. Time to file your claim may be limited by law, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.

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