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Richard Bernstein: Suitability, Unauthorized Trading Complaints Against Wells Fargo Rep

Richard Bernstein

Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on April 29, 2019 indicate that Nevada-based Wells Fargo Clearing Services broker/adviser Richard Bernstein has received resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Bernstein (CRD# 1113777).

Richard Bernstein has spent 36 years in the securities industry and has been registered with Wells Fargo Clearing Services in Incline Village, Nevada and Los Angeles, California since 2015. Previous registrations include Morgan Stanley in Beverly Hills, California (2009-2015); Morgan Stanley & Company in Beverly Hills, California (2009); UBS Financial Services in Beverly Hills, California (2003-2009); Salomon Smith Barney in New York, New York (1992-2003); Prudential Securities in New York, New York (1988-1992); Bear Stearns & Company (1985-1988); and Merrill Lynch (1983-1985). He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on October 11, 1995; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on April 29, 1983; SIE (Securities Industry Essentials Examination), which he obtained on October 1, 2018; and Series 7 (General Securities Representative Examination), which he obtained on April 16, 1983. He is a registered broker and investment adviser with 17 US states and territories.

According to his BrokerCheck report, he has received four customer complaints and two pending customer complaints.

In January 2019 a customer alleged Richard Bernstein, while employed at Morgan Stanley, recommended unsuitable investments. The customer is seeking $175,000 in damages in the pending complaint.

In 2017 a customer alleged Richard Bernstein, while employed at Morgan Stanley, made unauthorized and unsuitable transactions. The customer is seeking more than $81,700 in damages in the pending complaint.

In 2009 a customer alleged Richard Bernstein, while employed at UBS Financial Services, failed to follow instructions to liquidate accounts. The complaint settled for more than $5,700.

In 2008 a customer alleged he, while employed at UBS Financial Services, sold an auction rate security prior to the widespread breakdown in liquidity in the market for auction rate securities. The complaint settled with the firm’s repurchase of the securities at par value, for $50,000.

In 1995 a customer alleged he, while employed at Smith Barney Shearson, executed unauthorized trades, misrepresented material facts, recommended unsuitable investments, and breached his fiduciary duty. The complaint resulted in an award to the customer of $91,200.

In 1992 a customer alleged he, while employed at Prudential Securities, executed excessive and unauthorized transactions. The complaint resulted in an award to the customer of $31,300.

If you have lost money investing with Richard Bernstein, you may be entitled to recoup your losses. Call the experienced 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, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.

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