Michael Velarde Has Been the Subject of Four Customer Complaints Regarding Unsuitable Investments

Michael Velarde

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on October 20, 2017 indicate that Texas-based Wells Fargo Clearing Services broker/adviser Michael Velarde has received several customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Velarde (CRD# 1707166).

Michael Velarde has spent 30 years in the securities industry and has been registered with Wells Fargo Clearing Services in El Paso, Texas since 2011. Previous registrations include Merrill Lynch in El Paso, Texas; Citigroup Global Markets in New York, New York; Lehman Brothers in New York, New York; and Merrill Lynch in New York, New York. He has passed five securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination); Series 63 (Uniform Securities Agent State Law Examination); Series 3 (National Commodity Futures Examination); Series 31 (Futures Managed Funds Examination); and Series 7 (General Securities Representative Examination). He is a registered broker and investment adviser with 13 US states and territories: Arkansas, California, Colorado, Florida, Louisiana, Mississippi, Montana, New Mexico, New York, Ohio, South Dakota, Texas and Washington.

According to his BrokerCheck report, he has received four customer complaints.

In 2012 a customer alleged Michael Velarde, while employed at Citigroup Global Markets, recommended unsuitable investments. The complaint settled in 2013 for $250,000.

In 2001 a customer alleged Michael Velarde, while employed at Salomon Smith Barney, recommended unsuitable unit investment trust products. The complaint settled for more than $7,100.

In 2001 a customer alleged Michael Velarde, while employed at Salomon Smith Barney, executed excessive, unauthorized, speculative and unsuitable trading in high risk stocks. The complaint settled for $45,000.

In 1999 a customer alleged he, while employed at Salomon Smith Barney, failed to follow instructions and misrepresented material facts. The complaint settled for $9,999.

If you have lost money investing with Michael Velarde, you may be able to recover your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. 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.