Randy Moening Allegedly Executed Unauthorized, Unsuitable Trades

Randy Moening (CRD #: 3029155), a broker registered with Wells Fargo Clearing Services, allegedly made misrepresentations, according to his BrokerCheck record, accessed on April 5, 2023. If you have questions about his conduct as a broker, keep reading.

Investor Dispute

In a dispute filed on December 22, 2022, an investor alleges that Randy Moening executed unauthorized trades that were unsuitable given the client’s investment objectives and strategy.

The client further alleged that Randy Moening misrepresented these investments as being conservative, liquid investments, but that they allegedly lost significant value and were later subject to a contingent deferred sales charge. The investor alleges that this misconduct occurred between November 23, 2020, and July 5, 2022.

This dispute is currently pending.

FINRA Rule 3260

Unauthorized trading violates FINRA Rule 3260, which limits brokers to engaging in discretionary trading only in pre-approved accounts. Firms must also approve discretionary accounts before this trading can occur.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. An investor’s profile includes information about their financial goals, age, and risk tolerance.

Investors who believe their losses are the result of unsuitable investment recommendations may be able to recover their funds by seeking out FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 forbids the use of manipulative, deceptive, and otherwise unethical tactics to influence the purchase and sale of securities. This includes the misrepresentation of an investment’s risks, requirements, or fees.

Background Information

Randy Moening has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 6 – Investment Company Products/Variable Contracts Representative Examination
• Series 24 – General Securities Principal Examination
• Series 26 – Investment Company Products/Variable Contracts Principal Examination

Randy Moening is a registered broker in 21 states and Puerto Rico. He is also a registered investment adviser in Texas.

He previously worked for Banc of America Investment Services (CRD#:16361).

Kurta Law Can Help

If you worked with Randy Moening 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.