Son of Deceased Investor Files Dispute Against Mary Wallack

Mary Wallack (CRD #: 1161383), a broker registered with Wells Fargo Clearing Services, allegedly failed to act in a client’s best interest, according to her BrokerCheck record, accessed on March 1, 2023. If you want to know more about her alleged conduct as a broker, read on.

Investor Dispute

On December 20, 2022, the son of a deceased client filed a dispute alleging that Mary Wallack failed to act in the client’s best interest and failed to provide clear and accurate financial advice with regard to the designation of a beneficiary.

The son of the client alleged that this misconduct occurred between March 15, 2022, and the date of filing. This dispute was denied by the firm.

However, investors should know that firms can deny disputes without allowing an external review. Investors can still seek out FINRA arbitration following a denial and may be able to recover their losses.

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

FINRA Rule 2020

FINRA Rule 2020 forbids the use of manipulation, deception, and other fraudulent means of influencing investors’ decisions. This includes the misrepresentation or omission of information related to investments, such as their limitations, requirements, or potential returns.

Background Information

Mary Wallack 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 7 – General Securities Representative Examination

Mary Wallack is a registered broker in 20 states and the District of Columbia. She is also a registered investment adviser in Maryland and the District of Columbia.

She has also worked for the following firms:

• A. G. Edwards & Sons (CRD#:4)
• Morgan Stanley (CRD#:7556)
• Wheat, First Securities (CRD#:6124)
• Crestar Securities Corporation (CRD#:17464)
• Nationsbanc Capital Markets (CRD#:26091)
• Sovran Investment Corporation (CRD#:16441)
• Chesapeake Investment Brokers (CRD#:13658)

Kurta Law Can Help

If you worked with Mary Wallack and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com 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.