COLLEGEVILLE, PA
Have you lost money with financial advisor Richard Wesselt, formerly with O.N. Equity Sales Company, from Collegeville, Pennsylvania? We are continuing to look into allegations made by FINRA (the Financial Industry Regulatory Authority). FINRA alleged that O.N. Equity Sales Company (or ONESCO) failed to reasonably supervise Wesselt’s conduct with respect to surrenders of variable annuities. To settle these allegations, ONESCO agreed to pay a $275,000 fine and over $1 million in restitution.
In 2020, Richard Wesselt was barred from the industry regarding allegations that he induced customers to withdraw money from variable annuities, pay surrender charges, and then sell them life insurance policies.
Richard M. Wesselt was a registered representative of Sterne Agee Financial Services from May 2002 to March 2014. He was also registered with O.N. Equity Sales Company (also known as ONESCO) from March 2014 to September 2017, and with Fortune Financial Services from September 2017 to the present. He worked at a branch office in Collegeville, Pennsylvania.
Brokerage firms like Sterne Agee Financial and O.N. Equity Sales Company have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Pennsylvania. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including, O.N. Equity Sales Company and Fortune Financial Services.