Soreide Law Group has filed a FINRA arbitration on behalf of their clients (Claimants) against:
WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC, & their registered representative, REGAN ALLEN ROHL, CRD# 1877645
The Claimants, a married couple in their 50s nearing retirement, currently live in South Dakota. The Claimants met ROHL on or about 1999. The Claimants maintained a non-discretionary account with WELLS FARGO and ROHL which required permission from the Claimants for each trade. The lawsuit alleges that there were at least 150 trades that the Claimants were made aware of that they did not authorize, many of which were high risk oil stocks.
The lawsuit alleges that the Claimants requested their money be invested in moderate growth and income investments that could sustain them through retirement while protecting the principal. Allegedly, the Claimants were wholly reliant upon WELLS FARGO broker, REGAN ALLEN ROHL, for all investment advice. The lawsuit alleges that ROHL, on or about 2011, began purchasing large concentrated positions in oil and gas related investments, and concentrated almost 40% of the Claimants stock accounts in oil related investments.
REGAN ALLEN ROHL allegedly concentrated the accounts in only a handful of high risk investments, including but not limited to: Breitburn Energy Partners, Linn Energy, Energy Transfer Partners, Legacy Reserves, LRR Energy, to name a few. The lawsuit alleges that ROHL was reckless with Claimants’ money ignoring all warnings and market signals with the energy market collapsing. Allegedly, REGAN ALLEN ROHL’s and WELLS FARGO’s wholesale recommendations cost the Claimant $1 million dollars in losses to his principal.
The lawsuit alleges that ROHL, in addition to over-concentrating the Claimants investments into unsuitable oil start-ups that were highly leveraged, also failed to implement any hedging or stop loss strategy to mitigate the losses.
Allegedly, WELLS FARGO and their representative’s actions have caused Claimant damages of approximately $1,000,000.00.
The lawsuit alleges: negligence, breach of fiduciary duty, negligent supervision, and breach of contract.
According to FINRA’s BrokerCheck, which is available to the public on FINRA’s website, REGAN ALLEN ROHL, has been in the securities industry for 30 years and has 14 “Customer Disputes” on his report. In 2003, FINRA conducted a review of the CRD’s of all 663,000 registered representatives, only 2,751 (.41%) had been the subject of 3 or more customer complaints. In other words, ROHL’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. The vast majority of the reported conduct alleges similar conduct at issue involving material misrepresentations and negligent recommendations involving deceptive trade practice allegations.
REGAN ALLEN ROHL has been listed with a total of 6 firms. He is currently listed with the following firm since 3/10/2011:
WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC
4445 2ND AVE S
FARGO, ND 58103
Some of the more recent firms he was listed with were:
06/01/2009 - 03/24/2011 MORGAN STANLEY SMITH BARNEY - FARGO, ND
06/02/2000 - 06/01/2009 CITICROUP GLOBAL MARKETS INC. - FARGO, ND
If you were a client of the WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC of Fargo, ND, broker, REGAN ALLEN ROHL, and you experienced financial losses due to his actions or recommendations, contact Soreide Law Group and speak to an experienced securities lawyer at no cost to discuss the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationally before FINRA and we operate on a contingency fee basis—no fee if no recovery.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.