George Venizelos Allegedly Misrepresented the Benefit of Switching to a Commission Based Account
Broker George Nicholas Venizelos allegedly placed a client in a portfolio of unsuitable and risky stocks utilizing margin, which resulted in losses, according to a Pending Customer Dispute filed on Venizelos’ FINRA BrokerCheck Report under review by investor rights attorney Alan Rosca.
The aforementioned dispute was filed on March 4, 2019, FINRA states, and states that said alleged actions took place from June 17, 2015 until May 15, 2018, FINRA notes. A Damage Requested has yet to be reported, FINRA states.
George Venizelos, on or around February 2014 through February 2016, also allegedly misrepresented the benefit of switching from a commission-based account to a fee-based account which purportedly resulted in the Plaintiff paying more in fees than he would have paid in commissions, according to a Pending Customer Dispute filed on June 23, 2016,
The aforementioned Dispute alleges that Venizelos, from February 28, 2014 until March 31, 2016, allegedly recommended an unsuitable managed investment program when commission-based transactions should have been made.
Investor rights attorney Alan Rosca, of the Rosca Scarlato LLC law firm, is investigating activity related to broker George Venizelos’ alleged acts of unsuitability. Investors who believe they may have lost money in activity related to George Venizelos’ alleged acts of unsuitability are encouraged to contact attorney Alan Rosca with any useful information or for a free, no-obligation discussion about their options.
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Venizelos reportedly settled a Customer Dispute filed on October 10, 2016, FINRA notes. Said Dispute alleged that Venizelos made unsuitable investments since 2003, and his firm, Wells Fargo Clearing, without admitting any liability, reportedly settled the matter for $235,000.00 to avoid further arbitration, FINRA notes
Broker George Venizelos has been registered with Wells Fargo Clearing Services, LLC since October 1, 1999, FINRA reports.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
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The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating George Venizelos’ alleged acts of unsuitability. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of broker George Venizelos’ alleged acts of unsuitability may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
