Daniel Fain: One Pending Customer Complaint

Daniel Fain

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on February 10, 2017 indicate that Florida-based Wells Fargo Clearing Services broker/adviser Daniel Fain has been named in a pending customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Fein (CRD# 500386).

Daniel Fain has spent forty years in the securities industry and has been registered with Wells Fargo Clearing Services in Boca Raton, Florida since 2003. Previous registrations include Prudential Securities in New York, New York; Hanauer Stern & Company; First Interregional Equity Corporation; and JB Hanauer & Company. He is a registered broker and investment

According to his BrokerCheck report, Daniel Fain has received one pending customer complaint.

In November 2016 a party of customers alleged Daniel Fain, while employed at Wells Fargo Advisors, over-concentrated their savings in unsuitable investments. The customer is seeking unspecified damages in the pending complaint.

Concentration (or “over-concentration”) refers to a broker’s failure to diversify a customer’s portfolio among a variety of assets. Sometimes a broker believes one asset will outperform others, and focuses the investment in that asset or class. In other cases, a broker might invest primarily in a series of related investments; for instance, municipal bonds in the same region. Since similar classes often perform similarly, if one performs poorly, the others might as well. Brokers who fail to diversify their customers’ investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.

If you or someone you know has lost money investing with Daniel Fain, call the experienced attorneys at Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.