CHICAGO, June 3, 2014 (GLOBE NEWSWIRE) -- Stoltmann Law Offices announces it continues to investigate Wells Fargo Advisors LLC for its supervision of recently barred financial adviser Michael J. Frew. Frew actively solicited Wells Fargo and non-Wells Fargo clients to give him funds to be allegedly used by a real estate developer to rehabilitate properties in areas hit hard by natural disasters. Frew frequently promised clients interest payments ranging between 10% and 14% on an annualized basis. Frew was recently permanently barred from the securities industry and resigned from Wells Fargo after the firm opened an investigation into a client's attempt to wire money directly into Frew's bank account.
According to Chicago securities attorney Andrew Stoltmann "Brokerage firms have an absolute duty and obligation under the conduct rules of the securities industry to reasonably supervise the activities of financial advisors. Firms aren't allowed to bury their head in the sand or look the other way when supervisory red flags are generated. According to FINRA's Conduct Rules, all potential signs of misconduct must be vigorously reviewed and followed up on by the brokerage firm the advisor is affiliated with. Failure to do so is one way the brokerage firm can be held responsible for the client's losses for failing to supervise the activity at issue.
According to Chicago attorney Andrew Stoltmann, "The incredible losses that clients of Michael Frew sustained have proven to be devastating. Many of his clients were older, retired or conservative investors. Fortunately, the FINRA arbitration claims process can be used to potentially recover some, or all, of these losses from Wells Fargo Advisors. We encourage victims to speak with an experienced securities lawyer before communicating with Wells Fargo. To learn about recovering these losses on a contingency fee basis, please visit www.PonziRecoveryCenter.com or call our securities fraud team at 312.332.4200 in Chicago, Illinois.
CONTACT: Stoltmann Law Offices Andrew Stoltmann Esq. o: 312-332-4200 10 S. LaSalle 35th Floor Chicago, IL 60603 www.InvestmentFraud.PRO Andrew@stoltlaw.comSource:Stoltmann Law Offices P.C.