Free Consultation for Investors Who Were Sold MLPs by Wells Fargo

Were you sold master limited partnership (MLP), Business Development Corporation (BDC), commodity-linked investments or other private equity high yield funds by Wells Fargo advisor Andrew Kevlahan? A complaint was filed that alleged that on or about May 2011, a retired couple who were customers of Kevlahan’s at Wells Fargo, were sold a securities backed loan with the firm secured by their investment account. The complaint alleged that Kevlahan did not take into account the 79-year old couple’s investment objectives, risk tolerances, age or net worth when selling them the security. The customers allegedly lost approximately 70% of their investment. A broker has a fiduciary duty to only recommend those securities that are suitable for an investor. If he does not, his firm, Wells Fargo, can be sued in the Financial Industry Regulatory Authority (FINRA) arbitration process on a contingency fee basis to recover investment losses. We sue firms such as Wells Fargo in arbitration and we only get paid if you recover money.

MLPs are publicly traded partnerships with around 86% of the market attributed to energy and natural resource companies. There are around 130 MLPs trading on major exchanges. They typically provide high yields to investors but can be extremely risky investments that garner high commission for the broker. This is why they are recommended so often, even if they are not suitable investments. BDCs are similar securities in that they provide financing to small and mid-sized businesses, and can be very risky investments as well.

Kevlahan was registered with The Dreyfus Service Corp, David Lerner Associates, Gruntal & Co., JW Charles Securities, Corporate Securities Group, Rickel & Assoc. and Josephthal & Co. He is currently registered with Wells Fargo in Paramus, New Jersey and has been since September 2001. He has five customer disputes against him, one of which is currently pending.