What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: October 5, 2016

Joseph Bess has been sanctioned by the Financial Industry Regulatory Authority (FINRA), following allegations he marked order tickets for the purchase of exchange-traded funds (ETFs) in customer accounts as “unsolicited,” when, in fact, he had solicited each order. He also allegedly solicited unsuitable annuity products and solicited closed-end funds that were not on the firm’s approved solicitation list. ETFs tend to be very risky and illiquid securities that are not suitable for all investors. A broker must take into account a client’s age, net worth, investment sophistication and investment savvy before recommending a security. If he does not, his investment firm can be held responsible for losses. Please call our securities law offices in Chicago to speak to an attorney about how you may be able to bring a case against Waddell & Reed for losses. The call is free with no obligation. 312-332-4200.

Bess was registered with A.G. Edwards & Sons in St. Louis, Missouri from November 2001 until May 2002, UBS Financial Services in Edmond, Oklahoma from November 2005 until May 2007, Wachovia Securities in Edmond from April 2007 until April 2009, Chase Investment Services in Oklahoma City, Oklahoma from April 2009 until October 2012, J.P. Morgan Securities in Oklahoma City from October 2012 until April 2014 and Waddell & Reed in Edmond from April 2014 until July 2016. He has one customer dispute against him. He is not licensed within the industry.

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