LPL Financial LLC broker Stephen Wedel (CRD# 1221992) is accused of unsuitable investment recommendations. He has been registered with Private Client Services, LLC in Naples, Florida, since 2018, and RFG Advisory, LLC in Naples, Florida, since 2014. Previously, he was registered with LPL Financial LLC in Creve Coeur, Missouri, from 2003 to 2018.
Stephen Wedel Customer Complaints
He has been the subject of three customer complaints between 2020 and 2024, according to his CRD report:
May 2024. “Customer alleges that investments made in 2013-2014 were unsuitable for the customer’s investment objectives and risk tolerance.” The case is currently pending. The complaint was regarding real estate securities, and it took place while he was registered with LPL Financial LLC.
May 2022. “Customers allege that between May 2014 and June 2018, representative concentrated investments in customers’ account in a publicly traded BDC that was inappropriate for the customers’ investment objectives.” The customer sought $95,000 in damages, and the case was settled for $8,000. The complaint was regarding a business development company (BDC), and it took place while he was registered with LPL Financial LLC.
August 2020. “Claimant alleges recommended investments overexposed him to risk. Timeline: October 2014 to June 2018.” The customer sought $300,000 in damages, and the case was settled for $145,000. The complaint was regarding a real estate investment trust (REIT), and it took place while he was registered with LPL Financial LLC.
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, LPL Financial LLC may be liable for investment or other losses suffered by Stephen Wedel’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.
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