Wells Fargo Broker, Eric Niedermeyer, Has Five Customer Complaints For Alleged Sales Practice Violations, Including One Pending Complaint
The Wolper Law Firm is currently investigating claims against Eric Niedermeyer, a Financial Adviser at Wells Fargo Advisors in Portland, Oregon. Eric Niedermeyer has been in the securities industry since the 1980s and previously worked for D.A. Davidson.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Eric Niedermeyer has had five customer complaints during his career, alleging sales practice violations, including one pending complaint. Among the complaints against Eric Niedermeyer, include:
• October 2018—”Clients allege FA placed their funds in risky investments and that they were not told the warrants could become worthless. (2/22/2017-10/19/2018).” The alleged damages are $641,000 and the matter remains pending.
• August 2001—”CLIENT ALLEGES THAT UNAUTHORIZED TRADES WERE MADE IN HIS ACCOUNT AND THAT MARGIN WAS UTILIZED WITHOUT HIS CONSENT.” The matter was settled for $45,000.
• July 2001—”CLIENTS ALLEGE THAT ONE UNAUTHORIZED TRADE WAS MADE IN THEIR ACCOUNT. IN ADDITION, CLIENTS ALLEGE UNSUITABLE SECURITIES WERE RECOMMENDED AND PURCHASED IN THEIR ACCOUNT.” The matter was settled for $30,000.
• July 2001—”CLIENT ALLEGES THAT ONE UNAUTHORIZED TRADE WAS MADE IN HIS ACCOUNT. IN ADDITION, CLIENT ALLEGES UNSUITABLE SECURITIES WERE RECOMMENDED AND PURCHASED IN HIS ACCOUNT.” The matter was settled for $92,500.
For a full copy of William Dumchus’ FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/1098533#disclosuresSection.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm is interested in speaking with clients of Eric Niedermeyer as part of its investigation. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.