Last Updated: February 2025 (Wayzata, MN)
National securities fraud lawyers at Patil Law P.C. are investigating current Wells Fargo Advisors Financial Network, LLC broker Opher Shallom (CRD #4060644) regarding allegations of unsuitable investment recommendations and mismanagement of client accounts. The investigation stems from recent customer complaints alleging significant losses from high-risk investment strategies.
Critical Insights About Wayzata Financial Advisor Opher Shallom
- Advisor Name: Opher Shallom
- CRD: 4060644
- Location: Wayzata, MN
- Current Employer: Wells Fargo Advisors Financial Network, LLC
- Classification: Registered Representative & Investment Adviser Representative
- Primary Location: Wayzata, MN
- Can Opher Shallom be sued in FINRA arbitration: Yes
- Customer Disputes: Two disclosed complaints
- Current Registrations: Licensed in 21 states
- Years of Experience: Since 1999
- Previous Employers: Wells Fargo Clearing Services, Wells Fargo Advisors, Citigroup Global Markets
- Professional Qualifications: Series 7, 63, 65 licenses
- Current Status: Active with Wells Fargo Advisors Financial Network
Details Of Current Investigation
Recent customer complaints allege:
- Unsuitable investment recommendations
- Inappropriate risk management
- Improper management of client accounts
- Misrepresentation of investment strategies
- Damages alleged exceed $5,000
- Potential violations of fiduciary duties
Analysis Of Alleged Misconduct
The allegations raise serious concerns about:
- Investment suitability standards
- Risk disclosure practices
- Client profile adherence
- Portfolio management decisions
- Supervision of trading activities
- Compliance with regulatory requirements
- Protection of client interests
Regulatory Framework And Investor Protection
SEC Regulation Best Interest
Reg BI requires:
- Suitable investment recommendations
- Full risk disclosure
- Client best interest practices
- Proper documentation
- Accurate representation of investments
- Appropriate risk management
FINRA Rules And Their Significance
FINRA Rule 2111 mandates:
- Reasonable basis suitability
- Customer-specific suitability
- Quantitative suitability
- Proper documentation
- Risk disclosure requirements
- Client profile compliance
Professional Background
Mr. Shallom’s career includes:
- Entry into securities industry in 1999
- Multiple firm transitions
- Extensive experience with structured products
- Investment adviser registration
- Multi-state licensing
- Various broker-dealer affiliations
Red Flags For Investors
- Multiple customer complaints
- Complex product recommendations
- Risk disclosure issues
- Suitability concerns
- Investment strategy questions
- Documentation concerns
- Client communication issues
- Portfolio management practices
Implications For Current And Former Clients
Current and former clients should:
- Review all account statements
- Examine investment strategies
- Verify risk disclosures
- Check account documentation
- Monitor portfolio performance
- Document all communications
- Assess investment suitability
- Review trading activity
- Consider independent review
- Gather relevant records
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have concerns about unsuitable investments or mismanagement of your account handled by Mr. Shallom, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.
