Wells Fargo and Morgan Stanley hit with $1.8 million in claims
Two NFL players have hit Wells Fargo and Morgan Stanley with $1.8 million in claims, accusing the firms of not properly supervising a former broker and Miami Beach nightclub owner, Aaron Parthemer.
Parthemer was barred by the Financial Regulatory Industry Authority in 2015, but cases continue to be filed related to his time working in the industry.
While registered as an advisor at Morgan Stanley and then Wells Fargo, Parthemer served as a financial advisor to NFL and NBA star athletes. He has had numerous complaints of mismanagement by his former clients.
According to regulatory filings, Parthemer, who is not named in the most recent cases brought by Arizona Cardinals safety Antoine Bethea and former New York Jets linebacker Antwan Barnes, has been previously accused of investing clients in his nightclub without his employer’s approval.
Aaron Parthemer list of customer complaints
According to his FINRA BrokerCheck report, three client claims have ended in awards or settlements totaling approximately $2 million while four additional complaints for $9.6 million are pending.
In the most recent filing, Arizona Cardinals’ Bethea alleges that Parthemer solicited him to allocate funds to unsuitable investments starting in 2009, according to a note contained within Parthemer’s CRD file. Bethea, who filed arbitration claims in April, is seeking $1.6 million in damages from Wells Fargo and Morgan Stanley.
Former Jets linebacker Barnes, also filed a claim for $205,000 against Morgan Stanley in 2016, alleging Parthemer solicited him for investments not approved by his firm.
If you suffered losses investing with Aaron Parthemer and would like to discuss your potential to recover your losses through a FINRA arbitration claim, please call the securities attorney of The White Law Group at (888) 637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
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