Richard Michael Wesselt (CRD #2195569) Has Disclosures on FINRA BrokerCheck

Richard Michael Wesselt (CRD #2195569) was previously registered. We reviewed his BrokerCheck report on February 17, 2026. It reflects regulatory actions, customer disputes, and an employment separation. If you invested with Richard Wesselt and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Regulatory Action(s)

Richard Wesselt’s FINRA BrokerCheck Report reflects three regulatory events. We summarize two examples below and note there is one additional regulatory event listed in the report.

On June 7, 2022, the Minnesota Department of Commerce reported a final regulatory action stating the respondent made numerous unsuitable annuity recommendations and failed to respond to the Department’s request for information. The matter resolved by consent and resulted in a permanent bar and revocation in all capacities.

On November 9, 2020, FINRA reported a final regulatory action in which Richard Wesselt consented to findings that he made unsuitable recommendations that customers purchase variable annuities. The findings described a strategy that involved liquidating retirement savings, purchasing variable annuities, and then taking early withdrawals that triggered surrender charges. FINRA imposed a permanent bar.

Employment Separation After Allegations

Richard Wesselt’s FINRA BrokerCheck Report reflects one employment separation after allegations. According to the report, he was discharged by W. S. Griffith & Co., Inc. on February 26, 1997. The stated reason was placing a customer’s signature on a document.

Investor Disputes / Customer Complaints

Richard Wesselt’s FINRA BrokerCheck Report reflects 45 customer dispute disclosures. We summarize two examples below and note there are 43 additional customer dispute disclosures listed in the report.

On December 5, 2025, a customer reported unsuitable investment recommendations involving variable annuities. The customer alleged damages of $5,000. FINRA BrokerCheck lists the dispute as closed with no action as of December 16, 2025.

On September 30, 2025, clients alleged unsuitable variable annuity and whole life insurance sales. The alleged damages were listed as $100,000, with an explanation that the claim seeks between $100,000 and $500,000. FINRA BrokerCheck lists the matter as pending and identifies a FINRA arbitration filing dated September 19, 2025 (Case No. 25-02003).

Rule Summary #1: FINRA Rule 2330 (Deferred Variable Annuities)

FINRA Rule 2330 sets sales-practice standards for recommended purchases and exchanges of deferred variable annuities. It focuses on disclosure and reasonable grounds for the recommendation. Complaints about variable annuities often question whether fees, surrender charges, and risks were explained.Read Rule 2330 on FINRA.org

Rule Summary #2: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a broker to have a reasonable basis for each recommendation. It also requires matching the recommendation to the customer’s profile, including risk tolerance, time horizon, and liquidity needs. Disputes about unsuitable recommendations often focus on those factors.Read Rule 2111 on FINRA.org

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Richard Wesselt:

Is not currently registered and has been barred by FINRA.

Has passed the Securities Industry Essentials (SIE) exam. He has passed Series 6 and Series 7. He has also passed Series 63.

Was previously registered with firms that include Fortune Financial Services, Inc. and The O.N. Equity Sales Company.

Kurta Law Can Help

If you have worked with Richard Wesselt and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Variable Annuities | Unsuitable Investments

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.