James Conwell of WFG Investments Accused of Impersonating a Client: What Investors Can Do

James Conwell, a registered broker with WFG Investments in Daphne, Alabama was accused of “impersonating one of his customers on one occasion in order to obtain a current annuity valuation for a portfolio review that he was providing the customer the following day.” This is against securities laws. Conwell allegedly “called another financial institution in order to obtain current valuation information about the variable annuity owned by the customer to enable Conwell to conduct a routine account review. Because Conwell was not listed as the registered representative of record on the annuity account at the time, he misrepresented to the financial institution that he was the customer in order to obtain the information. He then used the information obtained about the variable annuity’s current value to conduct the portfolio review with the customer.” For this he was suspended for 30 days and fined $5,000. He was also accused of failing to disclose material facts, failing to conduct reasonable due diligence, making material misrepresentations and was permitted to resign from Compass Brokerage in Fairhope, Alabama after allegations surfaced that he knowingly certified a false signature.
Conwell was registered with Compass Brokerage in Fairhope, Alabama from April 1986 until November 2007, Colonial Brokerage in Fairhope from December 2007 until April 2008 and Gunnallen Financial in Daphne, Alabama from June 2008 until March 2010. He is currently registered with WFG Investments in Daphne and has been since April 2010. He has four customer disputes against him, two of which are currently pending. Please call 312-332-4200 today if you suffered losses with Mr. Conwell. You may be able to recover those losses on a contingency fee basis, which means we only make money if you recover yours. The call is free with no obligation.