According to his BrokerCheck report maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Lazarescu has been the subject of at least two customer complaints while registered with his prior firm Morgan Stanley.
In addition to Wells Fargo and Morgan Stanley, FINRA reports that Mr. Lazarescu was registered with MetLife, Chemical Investment Services Corp., Citicorp Investment Services, and Chase Investment Services Corp.
Industry records indicate that in 2004, a customer made allegations of unsuitability and misrepresentation against Mr. Lazarescu in connection with a mutual fund purchase. This claim was settled for $100,000, per his FINRA BrokerCheck Report.
In 2009, Mr. Lazarescu was reportedly the subject of another customer complaint. FINRA records indicate that the allegations in this matter involved the unauthorized purchase of an auction rate security in a client account. Per BrokerCheck, this case was settled for $50,000 in connection with FINRA Regulatory Notice 09-12.
Investors who have been given unsuitable investment recommendations by their financial advisor or stockbroker may have the right to sue to recover some or all of their losses.
Financial advisors and stockbrokers are under the obligation to make only suitable recommendations to their customers. They must consider things such as investment objective and risk tolerance, as well as the customers’ age and other important factors before recommending an investment. When a customer makes an unsuitable investment at the recommendation of their financial advisor, that investor may be entitled to have the firm reimburse them for their losses or in some cases even compensate them for the lost profits they should have made had the money been properly invested.
If you or a family member lost money entrusted to Gregg Lazarescu or Wells Fargo and want to explore your rights, you are encouraged to contact the securities and investment fraud lawyers at Malecki Law for a free consultation and case evaluation at (212) 943-1233.
Malecki Law has successfully brought securities actions on behalf of investors who suffered losses as a result of unscrupulous actions taken in their securities accounts, recovering millions of dollars for their clients.
Malecki Law takes a proactive and informed approach to the financial news of today: actively engaging in fact-finding analysis on prospective cases from around the world. Our thorough knowledge of securities law’s history and fine points makes us ideal consultants for investors who have suffered losses due to misadvice from their broker or other financial counsel.