Jeremy Fortner, former Wells Fargo-associated stockbroker in Beverly Hills, California has been barred by the Financial Industry Regulatory Authority (FINRA) because he failed to provide information or keep information current pursuant to FINRA rule 9552(h), according to his FINRA BrokerCheck Report. Fortner can no longer work for or associate with a registered FINRA member.

Jeremy Fortner has worked as a broker for sixteen years at seven different firms and has been the subject of at least twelve customer disputes. He worked for Wells Fargo for seven years and only one year or less at the other firms throughout his career. Other firms he was associated with are J.P. Morgan Securities, Chase Investment Services, J.P. Morgan Institutional Investments, T. Rowe Price Investment Services, MML Investors Services, and Intersecurities from 2004 to 2022.

More Details into Jeremy Fortner’s Disbarment by FINRA

In December of 2021, Fortner was suspended by FINRA for not cooperating with an investigation after a customer filed a complaint that he lost $115,000 because Fortner failed to give him accurate information regarding the tax bracket he was placed in. This dispute was settled for $100,000. Because Fortner never responded or sought termination of the suspension given to him in December he was automatically barred  by FINRA after three months in early March 2022. However, this was not the first time that Fortner had caught the attention of FINRA’s disciplinary committee.

Jeremy Fortner’s History of Customer Complaints

Although Jeremy Fortner has received numerous FINRA complaints he has also been fined $20,000 by the Oregon Division of Financial Regulation for soliciting funds from one of his clients while he was their financial advisor.

During his time at Wells Fargo in 2021, a customer initiated an investigation regarding an investment which was resolved for $232,405.00 in damages for private placements from 2017 to 2021 through Fortner’s outside business activity. The customer had not given Fortner permission to involve him in any outside business activity and requested all his investment funds to be returned.

Another complaint in October of 2021 that settled for $59,217.52 was based on an accusation from one of Fortner’s clients that he was making unauthorized securities purchases, borrowed money from a client, and then used those funds for two outside business investments. Fortner borrowed this money by securing it through a promissory note and then purchased a security in his account without authorization from the client.

In December of 2021, while registered with Wells Fargo, Fortner received another customer complaint regarding an oral promise that he had made with one of his customers to loan him money in exchange for promissory notes related to real estate investments. The customer was inevitably not repaid by his stockbroker and this claim was settled for $22,491.07. Another similar customer complaint was filed in May 2022 claiming $30,000 in damages for another loan from a customer that Fortner did not repay.

In March of 2022, Fortner was the subject of a customer complaint that settled for $100,000. Here, the customer alleged that Fortner made unsuitable recommendations in connection with an investment regarding a variable annuity. Unsuitable recommendations are recommendations from a stockbroker that are not in the best interest of their client based on their financial portfolio that takes into consideration things like age, goals, and experience.

Fortner also was identified in a complaint seeking $250,000 in damages in May of 2022 based upon accusations that he was churning the funds in this customer’s account. Churning is the excessive trading of assets by a stockbroker of a client’s brokerage account in an attempt to generate more frequent commissions. This complaint is still pending.

Finally, in another complaint in May of 2022, a customer requested compensatory damages because he believes Fortner misrepresented the price of a margin loan while he was with Wells Fargo. This complaint is still pending as well. Wells Fargo terminated Fortner for borrowing funds from customers in September 2021.

Have you Lost Investment Funds after being a customer of Jeremy Fortner?

Because of Jeremy Fortner’s long history of dishonesty as a broker, there may be many more clients who have suffered as a result of his behavior. If you have any information about Jeremy W. Fortner or have lost funds as a result of his broker expertise or related schemes, please call the Frankowski Firm at 205-390-0399.