Evers Law Group files claims against Wells Fargo Investments, LLC for fraud, negligence and over concentration of unsuitable, aggressive products known as Reverse Convertible Securities.

The Evers Law Group has brought suit against Wells Fargo Investments, LLC for losses suffered by a 92 year old retired widow wherein her retirement investment portfolio suffered a loss of literally hundreds of thousands of dollars as a result of the stock broker who was handling her investments at Wells Fargo Investments, LLC placing her in high risk securities known as Reverse Convertible Securities. The stockbroker continued to make these unsuitable investments over a period of eighteen months which resulted in almost a total loss of her $500,000 "nest egg."

Claims of fraud, negligent supervision, financial elder abuse and utilizing false, misleading and/or untrue statements in the connection with the purchase or sale of a security have been asserted on her behalf. The actions of the broker included, but were not limited to, taking the widow out of annuities, CDs and/or other secured investments which protected her entire principal amount and moved her to unsecured and unsuitable, aggressive investments. These investments, known as Reverse Convertible Securities, are structured financial products that have both 1) a debt portion and 2) a put option. Effectively, at the end of the term of purchase of the Reverse Convertible Securities, the investor, in this case the 92 year old widow, received undesirable , devalued common stock in companies based upon a "knock-in-level" formula. The victim's "nest egg," which allegedly was being "supervised" by Wells Fargo Investments, LLC and its broker, was eviscerated.

To add insult to injury, when Wells Fargo Investments, LLC realized the egregious conduct of the broker, who is now terminated, they then removed her from those high risk securities and moved the remaining principal, as small as it was, back to safe and secure investments. They did, however, charge the widow well over $4,000 in commissions to do so without a blink of an eye.

The action that has been brought on behalf of the victim will seek the return of all principal lost, lost investment opportunities, interest and as well reimbursement for any and all attorney fees that she has suffered as a result of the actions of Wells Fargo Investments, LLC.

It is clear that this type of investment, especially in light of the fact of the claimant's age and fixed income, certainly constitutes a claim for Financial Elder Abuse in that the broker and his employer, Wells Fargo Investments, LLC, had a fiduciary duty to protect the interests of the widow but failed to do so.

If you or a relative have suffered these same type and/or similar losses as a result of a stock broker's advice, you may contact the Evers Law Group for a review of the investment portfolio to see if viable claims exist for a return of all monies lost.