Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 5, 2016 indicate that Florida-based Wells Fargo Advisors broker/adviser George Farley, also known as Chip Farley, has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Farley (CRD# 5681576).
George Farley has spent six years in the securities industry and has been registered with Wells Fargo Advisors in Melbourne, Florida since 2014. Previous registrations include BB&T Investment Services in Melbourne, Florida (2012-2014) and Edward Jones in Winter Springs, Florida (2009-2012). He is a registered broker and investment adviser with 12 US states: Florida, Indiana, Kentucky, Maine, Maryland, Missouri, New York, North Carolina, Pennsylvania, Tennessee, Texas, and Wisconsin.
According to his BrokerCheck report, George Farley has received two customer complaints.
In January 2015, a customer alleged George Farley, while employed at BB&T Investment Services, provided poor advice and made poor investment recommendations. The complaint settled in December 2015 for $40,000.
In August 2015, a customer alleged George Farley, while employed at BB&T Investment Services, misrepresented variable annuity contracts “as earning an annual percentage rate of 6%.” The complaint settled in October 2015 for more than $11,100.
In 2013, a customer alleged George Farley, while employed at BB&T Investment Services, misrepresented the risks involved in mutual fund investments. The customer sought $14,000 in damages the complaint, which was denied.
Variable annuities are similar to mutual funds, though they have three primary additional features which mutual funds do not: a tax-deferred treatment of earnings, a death benefit, and payout options that can provide guaranteed income for the rest of the investor’s life. Many aggrieved investors file complaints with investors who, they allege, failed to educate them about a variable annuity’s surrender charge. A surrender charge is a sales fee incurred when investors withdraw money from the variable annuity within a certain period of time after the purchase—typically within six to eight years, though the specific number depends on the product. Surrender charges are typically used to pay a commission to your broker or investment adviser, and are typically a percentage of the amount withdrawn. Brokers who fail to properly educate their customers about a product’s surrender charge may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has a complaint regarding George Farley, also known as Chip Farley, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup losses. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.