Erez Law is currently investigating Wells Fargo Advisors broker James McDermott (CRD# 2483480), who is accused of investment losses? He has been registered with Osaic Wealth, Inc. in Oakbrook Terrace, Illinois, since 2023. Previously, he was registered with Raymond James & Associates, Inc. in Oakbrook Terrace, Illinois, from 2015 to 2023, and with Oppenheimer & Co. Inc. in Chicago, Illinois, from 2011 to 2015. Prior to then, he was registered with Wells Fargo Advisors, LLC in Chicago, Illinois, from 2006 to 2011, when he was terminated regarding, “Mr. McDermott was discharged for violating an internal policy of Wells Fargo Advisors in that he borrowed money from two persons who were clients of the firm. Both clients were acting in the capacity of custodians on a brokerage account.”
James McDermott Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
February 2024. “As per Raymond James & Associates filing, clients allege every transaction involving the purchase or sale of a security in their Raymond James accounts violated the Illinois Securities Law.” The case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Wells Fargo Advisors may be liable for investment or other losses suffered by James McDermott’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
"*" indicates required fields
