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WARNING! Impending Investigation–DOUGLAS J. MELZER and WELLS FARGO ADVISORS

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28
Feb

WARNING! Impending Investigation–DOUGLAS J. MELZER and WELLS FARGO ADVISORS

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Douglas J. Melzer and Wells Fargo Advisors

Have you lost money with financial advisor Douglas J. Melzer in Aquatic Systems Unlimited?  We are investigating allegations made by FINRA (the Financial Industry Regulatory Authority) against Douglas “Dutch” Melzer, from Sewickley, Pennsylvania.  FINRA alleges that Melzer sold at least $2 million in investments in Aquatic Systems Unlimited, to at least 4 investors without approval from his brokerage firm, Wells Fargo Advisors.  It was alleged that Melzer earned $27,000 for these sales, plus a 2.5% interest in Aquatic Systems Unlimited.  FINRA barred Melzer from the securities industry for this conduct.

Douglas J. Melzer was a financial advisor and registered representative of Wells Fargo Advisors from January 2008 to January 2013.  Douglas “Dutch” Melzer was fired by Wells Fargo Advisors in January 2013 for this conduct.  Melzer worked at branch offices in Sewickley, Pennsylvania and Pittsburgh.  Melzer’s BrokerCheck report also discloses that his wife was a minority owner of Aquatic Systems Unlimited (although BrokerCheck also refers to the company as Aquatic Synthesis Unlimited).

Brokerage firms like Wells Fargo Advisors have a responsibility to adequately supervise all representatives who are registered through their firm.  Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Our attorneys have represented hundreds of investors who have been defrauded by their financial advisor or stockbroker.  While we have offices in Denver and the Seattle area, we have also previously represented clients in Pennsylvania.  If you have lost money with Douglas J. Melzer, Wells Fargo Advisors, and Aquatic Systems Unlimited and want to hear about ALL legal options, please visit https://www.israelsneuman.com or call us at 720-599-3505.

Click to view FINRA AWC:  Melzer FINRA AWC

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