Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Former Wells Fargo Financial Advisor Timothy J. Scherwa Accused of Misconduct

Timothy J. Scherwa, who until recently worked as a stockbroker for Wells Fargo Clearing Services, LLC, in Morris Plains, New Jersey, has been accused of taking discretion in non-discretionary customer accounts while he was employed by Wells Fargo.

Regulatory records indicate that Mr. Scherwa worked for Wells Fargo as a financial advisor from May 9, 2014, through October 26, 2017. On December 14, 2017, Mr. Scherwa started working for a different brokerage firm, Capitol Securities Management, Inc. Prior to joining Wells Fargo in 2014, Mr. Scherwa was associated for many years with Morgan Stanley and its predecessors. Mr. Scherwa started working in the securities industry in 1996.

On October 14, 2017, Wells Fargo reported to FINRA that Mr. Scherwa had been accused of taking discretion in non-discretionary customer accounts.

Most brokerage firm accounts are non-discretionary, meaning that a financial advisor must get a client’s permission prior to making any trades in the account. By contrast, in a discretionary account, the customer has signed paperwork giving the financial advisor the authority to make securities purchases and sales without having to obtain the client’s permission before making each trade.

A broker who improperly takes discretion in a non-discretionary account may be found to have engaged in unauthorized trading, which is strictly prohibited under securities industry rules.

If you think your broker may have made trades in your investment accounts without your knowledge or consent, contact the experienced investment fraud attorneys at the law firm of Meyer Wilson to discuss your legal options. You may be able to recover your losses resulting from any unauthorized trades that were made in your investment account.

Related Posts:

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram