The Stockbroker Malpractice team of McCarthy, Lebit, Crystal & Liffman Co., LPA is investigating claims against Mark N. Wesley, a former broker with Ameriprise Financial Services. Wesley, who worked in Independence, Ohio, now is out of the industry.
Mark Wesley’s Fraudulent Practices
According to his public record, Wesley recently was “permitted” by the Ameriprise to resign while under suspension for “compliance policy violations related to: unauthorized trading, use of discretion in a non-discretionary account, supervision of staff and responding to supervision.” In other words, Wesley’s bad acts allegedly included trading in customer accounts without telling the customers or obtaining their permission. He also allegedly sold unsuitable variable annuities, non-traded real estate investment trusts (REITs), and other alternative investments. Additionally, Wesley was subject to five separate tax liens totaling $2.44 million. Not only are serious tax problems a red flag that should call a broker’s financial acumen into question, but brokers saddled with tax liens and other debts also have a financial incentive to take advantage of their customers.
Selling Investments Without Due Diligence
One of the REITs sold by Wesley was CNL Lifestyle Properties, Inc. CNL announced on November 2, 2016 that it had entered into an agreement to sell substantially all of its assets. Many shareholders have suffered losses on their CNL investment. These non-traded REITs were high-risk and unsuitable for most investors. Moreover, the risks of the investment were not fully disclosed to purchasers. Finally, brokerage firms like Ameriprise sold the investments without performing adequate and required due diligence.
Securities Attorneys Can Help You Recover
If you have suffered losses as a customer of Mark Wesley, please call us. Likewise, if you lost money in CNL Lifestyle Properties or other non-traded REITS sold by Ameriprise (or any other broker-dealer) we can help. We’ll examine your records and advise you as to whether you have been subjected to misconduct. And if we determine that misconduct produced losses in your investment portfolio, we may be able to recover some or all of those losses. Contact attorney Hugh Berkson in Cleveland at (216) 696-1422 or toll free at (866) 932-1295 for a free evaluation of your recovery options. You can also send an email to hdb@mccarthylebit.com or reach us by filling out the form to the right.
Hugh Berkson is a Securities Attorney with McCarthy, Lebit, Crystal & Liffman, Co. LPA. Hugh is rated AV® Preeminent™ by Martindale-Hubbell®.
He obtained a business degree in Finance from the University of Texas at Austin in 1989, and is a 1994 graduate of Case Western Reserve University School of Law, where he was a member of the Order of the Barristers and received both the American Jurisprudence Award, (National Mock Trial) in 1993 and the Jonathan M. Ault Mock Trial Prize for 1993-1994.
