Public records published by the Financial Industry Regulatory Authority (FINRA) on December 21, 2016 indicate that former Minnesota-based Wells Fargo Advisors broker Jeffrey Hill has been suspended by FINRA. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Hill (CRD# 2204945).
Jeffrey Hill has spent 23 years in the securities industry and was most recently registered with Wells Fargo Advisors in Bemidji, Minnesota (2014-2016). Previous registrations include Dougherty & Company in Bemidji, Minnesota (2003-2014); Wachovia Securities in St. Louis, Missouri (2003); Prudential Securities in New York, New York (2000-2003); and Miller Schroeder Financial in Minneapolis, Minnesota (1993-2000). He is currently not registered with any state or firm.
According to his BrokerCheck report, Jeffrey Hill has received five customer complaints and one FINRA sanctioned.
In November 2016 FINRA sanctioned Jeffrey Hill following allegations “initiated hundreds of trades for two elderly customers without contacting them approximately half of the time, and recommended or engaged in dozens of transactions that were qualitatively or quantitatively unsuitable or lacked a reasonable basis, including short-term trading of corporate and municipal bonds.” According to FINRA’s findings: “neither of those customers explicitly permitted Hill to use discretion in their accounts, nor did Hill’s member firm allow him to use discretion in any customer’s account. The findings also stated that on several occasions, Hill recommended that one of the customers sell bonds shortly after buying them, or initiated such transactions for those customers. Neither changes in the bonds’ prices, interest that accrued, changes in the issuers’ condition, nor any other factors justified that short-term trading. Hill had no reasonable basis to believe that such short-term trading was suitable for any customer, particularly in light of the commissions that the customers paid as result of those transactions.” He was ordered to pay a fine of $5,000 and disgorgement of $45,000, and was issued a 15-month suspension.
In November 2016 Jeffrey Hill was terminated from his position at Wells Fargo Advisors following his agreement to a 15-month suspension by FINRA.
In 2015 a customer alleged Jeffrey Hill, while employed at Dougherty & Company, churned the account, executed unauthorized trades, made unsuitable investment recommendations, and breached his fiduciary duty. The complaint settled in January 2016 for $1,000,000.
If you or someone you know has a complaint regarding Jeffrey Hill, call the attorneys at Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.