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:
- Misrepresented sales of life insurance to build wealth for retirement and college funding
- Unsuitable investment and strategy recommendations
- Recommending high-commission products
- Unsuitable sales of life insurance policies
- 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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At a time in our life when we were most vulnerable we lost control of our finances. We fell victim to a broker that took huge commissions and did not disclose that we were not able to access our money. Peter Mougey and his wonderful staff worked with us to make us whole again and got our money released. I cannot say enough about their work ethic, professionalism, and kindness during this stressful time for us. We had a 100% positive conclusion to our case and we strongly recommend Peter and the firm. We can now sleep at night! Fred & Pat H.
My husband and I were very pleased with the work that Peter and his team provided. He was very knowledgeable of the circumstances of our case and kept us informed throughout the process. He is extremely qualified and worked diligently on our behalf. We are positive that this case would not have been resolved in our favor had it not been for Peter's expertise and his passion. He definitely cares about his clients and we sincerely appreciate his efforts. Rachel C.
FRS is a governmental body. FRS retained the services of Peter Mougey of the LP law firm in a multimillion dollar lawsuit involving extremely complex issues. Mr. Mougey quickly mastered the issues and gave advice that was vital in bringing about a successful resolution. Two of the most important features of Mr. Mougey’s representation was his understanding of government and his ability to communicate complicated legal concepts to a 10-member board of trustees in language that was easily understood by all. I did not know Mr. Mougey before FRS retained him and, fortunately, have not experienced circumstances where the system would need his services again. However, if needed, I would have no hesitation in retaining his services again. Please let me know if you need any additional information or assistance. Steven S.
Edison's famous adage can't ever be ignored of course: 1 part inspiration and 99 parts perspiration. However the two attitudes must be present indissolubly--both are essential--if results are to be obtained. Peter Mougey’s group is aware of such a requirement, they work very hard at the latter, and the former comes easily to them, a rare combination anywhere to be found indeed. Raphael B.
I would like to express my sincere gratitude to Peter Mougey and your entire team on behalf of my family for the amazing job done during your representation. From day one I received kindness, rapid responses to all of my questions, with polite and patient encounters with all of your staff assistants. You are the best- and I will be eternally grateful to you and your entire team. Michelle E.