Broker Richard Michael Wesselt – Complaints & Compensation

Investor Losses Suffered with Barred Broker Richard Michael Wesselt, formerly of W.S. Griffith

FINRA has barred Richard Michael Wesselt in all capacities in 2020 following 19 customer disputes and 2 regulatory final disclosures according to FINRA’s BrokerCheck website. W.S. Griffith & Co. Inc. separated Mr. Wesselt after placing a client’s name on a document.

When FINRA barred Wesselt in all capacities in November 2020, after findings stated that Wesselt’s recommendations were inconsistent with customers’ investment profiles including, their time horizon, liquidity needs, and risk tolerance. The recommended investment strategy involved three steps. First, Wesselt recommended that his customers liquidate their retirement savings, which they often held in qualitied, tax-deferred accounts such as 401(k) accounts. As a result, customers lost benefits associated with their 401(k)s such as investment advice, telephone helplines, and educational materials. Wesselt then recommended that customers purchase a variable annuity with funds from their retirement plans. After the variable annuity was issued, Wesselt recommended customers take early withdrawals, causing customers to lose benefits associated with the variable annuity and incur surrender charges. Wesselt consented to his barring in December 2020.

Customer complaints against Wesselt include allegations of:

  1. Misrepresented sales of life insurance to build wealth for retirement and college funding
  2. Unsuitable investment and strategy recommendations
  3. Recommending high-commission products
  4. Unsuitable sales of life insurance policies
  5. Unsuitable strategies based on client goals and objectives

Total damages requested against Mr. Wesselt amount to $13,177,521.94.

If you were a client of Richard Wesselt and suffered losses or received bad or unsuitable investment advice, you may have a legal right to assert a claim to recover damages.

The Securities and Business Litigation team at Levin, Papantonio, Rafferty, Proctor, Buchanan, O’Brien, Barr & Mougey, P.A. investigates potential claims on behalf of investors and fights to recover injured investors losses. We charge you attorney’s fees only if we recover for you.

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