According to news reports as well as publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 12th, former California-based Wells Fargo Advisors broker/adviser Charles Lynch has been discharged from his member firm. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Lynch (CRD# 3004877).
Charles Lynch has spent 16 years in the securities industry and has been registered with Wells Fargo Advisors in Irvine, California since 2012. Previous registrations include Morgan Stanley in Brea, California (2009-2012); Citigroup Global Markets in Brea, California (2005-2009); and Morgan Stanley DW in Purchase, New York (1999-2005). He is currently not registered with any state or firm.
According to his BrokerCheck report, Charles Lynch has received 14 customer complaints and 10 pending customer complaints.
According to an AdvisorHub report published on May 9, 2016, Charles Lynch was discharged from Wells Fargo on April 12, 2016 following “loss of management confidence.” The report notes that documents filed with regulators stated, “Many of Lynch’s clients were put into fee-based wrap accounts between 2012 and 2016,” and that “portfolios were concentrated in high-risk oil and gas company stocks that tanked in 2014 and 2015.”
In March 2016, a customer alleged that Charles Lynch, while employed at Wells Fargo Advisors, over-concentrated the account in unsuitable and risky energy and commodities stock. The complaint settled in March 2016 for $109,000.
In November 2015, a customer filed a complaint against Charles Lynch, while he was employed at Wells Fargo Advisors, alleging she was “not happy with the energy heavy stocks she has been invested in.” The complaint settled in February 2016 for $75,000.
In November 2015, a customer alleged that Charles Lynch, while employed at Wells Fargo Advisors, recommended unsuitable investments. The complaint settled in February 2016 for $163,750.
In October 2015, a customer alleged that Charles Lynch, while employed at Wells Fargo Advisors, recommended high risk small cap energy stocks “although he is not a high risk investor.” The complaint settled in March 2016 for $90,000.
In August 2015, a customer alleged that Charles Lynch, while employed at Wells Fargo Advisors, recommended holding energy stocks through a year-long decline “although they wanted their savings conservatively invested.” The complaint settled in March 2016 for $95,000.
In 2014, a customer alleged that Charles Lynch, while employed at Wells Fargo Advisors, made unsuitable investment recommendations. The complaint settled in June 2015 for $334,000.
If you have complaints regarding Charles Lynch, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on a contingency basis: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.