Written by The White Law Group• October 14, 2019• 6:15 pm• Blog, Current Investigations

Stephen J. Klinger Broker Investigation

Financial Advisor Stephen J. Klinger, Wells Fargo in Asheville, NC

Are you concerned about investments with Stephen J. Klinger (Steve Klinger) in Ashville, NC? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim.

According to the Financial Industry Regulatory Authority (FINRA), the regulator has reportedly barred Klinger from working in the securities industry after he allegedly refused to provide documents and information related to the purported termination explanation provided in his Form U5.

FINRA’s findings reportedly stated that Klinger’s member firm, Wells Fargo, had submitted the Form U5 disclosing that they had reportedly discharged him and that he allegedly deposited a client’s funds into his account to trade options and that the purported option trading resulted in the loss of all the client’s funds.

The client reportedly sued Klinger and the firm in state court serving process on Klinger only. Klinger allegedly did not report the lawsuit to the firm and purportedly settled the lawsuit without informing the firm.

Ultimately, the firm made the customer whole, according to FINRA.

According to his FINRA BrokerCheck report, Klinger was reportedly affiliated with Wells Fargo in Ashville, NC from November 2002 until 2019 when he was allegedly discharged. His broker record indicates 1 customer complaint has allegedly been filed against him.

Investigating Potential Claims

The White Law Group is investigating potential lawsuits regarding the liability that Klinger’s employers may have for failure to properly supervise him.

When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states, including North Carolina. Our attorneys have recovered millions of dollars from many brokerage firms in the past.