Investor Alleges George Fellows Misrepresented Variable Annuity
George Fellows (CRD #: 1085138), a broker registered with Oppenheimer & Company, is involved in an investor dispute, according to his BrokerCheck record, accessed on June 25, 2022. If you have questions about George Fellows’ conduct as a broker, read on.
On April 18, 2022, an investor alleged that George Fellows made a misrepresentation related to a variable annuity purchased in 2007. This dispute is currently pending.
FINRA Rule 2020
FINRA Rule 2020 prohibits the use of manipulative, deceptive, and otherwise unethical tactics to influence the purchase or sale of securities. This includes misrepresenting investments or omitting relevant information, such as an investment’s costs, limitations, or potential returns.
Suspension by FINRA
On March 17, 2015, a letter of Acceptance, Waiver & Consent (AWC) was filed alleging that George Fellows engaged in unauthorized trading in clients’ accounts while employed by Merrill Lynch.
The AWC alleges that, in October 2012, George Fellows received an automated notification that 34 client accounts had insufficient liquid assets to allow for the monthly distribution of funds. These accounts were allegedly enrolled in a fee-based platform which was non-discretionary.
George Fellows allegedly changed the apportionment of investments in these accounts to allow for the monthly distributions without first receiving written authorization from investors.
The AWC concludes that these allegations constitute violations of NASD Rule 2510(b) and FINRA Rule 2010.
FINRA Rules 3260 and 2010
FINRA Rule 3260 requires brokers to receive written authorization from their clients before engaging in discretionary trading. Discretionary accounts must also be approved by the firm before this trading can occur.
FINRA Rule 2010 holds brokers to high standards of professional honor.
George Fellows consented to the following sanctions:
- $5,000 fine
- 10-business day suspension
His suspension began on April 20, 2015, and ended on May 1, 2015.
You can read the full AWC here.
George Fellows 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 31 – Futures Managed Funds Examination
- Series 3 – National Commodity Futures Examination
- Series 15 – Foreign Currency Options Examination
- Series 7 – General Securities Representative Examination
- Series 4 – Registered Options Principal Examination
George Fellows is a registered broker in 14 states and the District of Columbia and a registered investment adviser in Texas and the District of Columbia.
He has also worked for the following firms:
- Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)
- Citigroup Global Markets (CRD#:7059)
- Dean Witter Reynolds (CRD#:7556)
- Advest (CRD#:10)
- Altman, Brenner & Wasserman (CRD#:17498)
- Drexel Burnham Lambert CRD#:7323)
Kurta Law Can Help
If you worked with George Fellows and you have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and 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.