Allen Wilson Allegedly Overoncentrated an Investor Portfolio

Allen Wilson (CRD #: 2420229), a broker registered with Wells Fargo Clearing Services, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on March 20, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Dispute

According to allegations filed on December 20, 2023, Allen Wilson overconcentrated an investor portfolio. 

Unsuitable Overconcentration 

FINRA Rule 2111 prohibits unsuitable investment recommendations. Overoncenrated investments are often unsuitable because they expose the investor to unnecessary risk. Brokers are required to consider their investor’s risk tolerance when they make recommendations. 

Diversified portfolios expose investors to a broader swath of the market and lessen the chance that an investor will suffer major losses following a drop in share prices for a particular stock or sector. Investors who rely on brokers for recommendations may be able to recover losses following overconcentration by pursuing FINRA arbitration.

Preferred Share Dispute

On June 22, 2023, an investor alleged that Allen Wilson recommended an unsuitable investment in preferred shares of a bank that later failed, allegedly resulting in a loss of the investment. The investor is seeking $545,000. 

Background Information 

Allen Wilson has passed the following exams:

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination

He is a registered broker in 23 states and Puerto Rico. He is a registered investment adviser in New Jersey and Texas. 

Allen Wilson has 30 years of experience and has registered with five firms: 

• Wells Fargo Clearing Services (CRD #: 19616) 
• Stifel, Nicolaus & Company, Incorporated (CRD #: 793) 
• Ryan Beck & Co. (CRD #: 3248) 
• J.B. Hanauer & Co. (CRD #: 6958) 
• Chatfield Dean & Co. (CRD #: 14714) 

Kurta Law Can Help 

If you have worked with Allen Wilson and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.