Last Updated: October 2024 (Appleton, Wisconsin)
John William Wolf Financial Advisor Fraud Alert
National securities fraud lawyers Patil Law P.C. are investigating broker John William Wolf (CRD #1846080), who is currently employed at Cornerstone Financial Planning, Inc. in Appleton, Wisconsin. Wolf has been involved in multiple customer disputes related to allegations of misrepresentation, breach of fiduciary duty, and unsuitable investment recommendations.
John William Wolf (CRD #1846080) is a financial advisor with decades of experience, currently working at Cornerstone Financial Planning in Appleton, Wisconsin. However, his career has been marred by multiple customer disputes, including allegations of breach of fiduciary duty, misrepresentation, and negligence, leading to significant financial settlements. Below, we provide further details on Wolf’s professional background and the customer complaints that may raise concerns for potential investors.
Critical insights about Appleton, WI stockbroker John William Wolf:
- Advisor Name: John William Wolf
- CRD: 1846080
- Location: Appleton, Wisconsin
- Current Employer: Cornerstone Financial Planning, Inc.
- Classification: Stockbroker + Financial Advisor
- Primary Location: Appleton, WI
- Can John William Wolf be sued in private FINRA arbitration: Yes
- Has Mr. Wolf been barred by FINRA: No
- Highest Damages Allegation: $750,000
- Pending Customer Dispute: Yes
If you have suffered investment losses by John William Wolf, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty lawyer. Reach out to the legal team at Patil Law P.C. via the secure online form or call the firm directly toll-free at (800) 950-6553.
Lost Money With Stockbroker John William Wolf?
John William Wolf has faced multiple customer disputes, with several settlements and a few still pending:
- Settlement (2024): In a complaint filed on May 8, 2023, a customer alleged breach of fiduciary duty, misrepresentation, and negligence in the sale of GWG L Bonds in February 2021. The case was settled for $65,000, with Wolf contributing the entire settlement amount (FINRA Docket #23-00946).
- Pending Complaint (2023): In another case, a client alleged unsuitable investment recommendations and initiated arbitration. The customer’s attorney has requested arbitration without specifying damages.
- Settlement (2023): Wolf and his firm were jointly and severally liable for $613,825 in a FINRA arbitration (Case #23-00946) related to claims of unsuitability, misrepresentation, and gross negligence in violation of North Carolina Securities Act.
Allegations of Broker Misconduct Against John William Wolf
John William Wolf has been involved in the following misconduct allegations:
- Breach of Fiduciary Duty: Wolf has been accused of violating his fiduciary duty by selling unsuitable investments, including GWG L Bonds and other direct investments.
- Misrepresentation: Multiple complaints have been filed against Wolf for misrepresenting the risks and nature of investments, particularly related to variable annuities and corporate bonds.
- Negligence: Wolf’s negligence in managing investment portfolios and recommending high-risk products has led to several disputes and financial losses for his clients.
Wolf’s alleged violations include breaches of FINRA Rule 2111, which requires brokers to have a reasonable basis to believe that an investment recommendation is suitable for the customer.
FINRA Rule 2111, the Suitability Rule, requires brokers to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s financial situation, needs, and investment profile. This rule covers the three key obligations: reasonable-basis suitability (the recommendation must be suitable for at least some investors), customer-specific suitability (the recommendation must be appropriate for that particular customer), and quantitative suitability (ensuring that the number of recommended transactions is not excessive). Related rules include FINRA Rule 2090, the Know Your Customer Rule, which mandates that brokers understand their clients’ investment profiles to provide suitable advice.
Broker Experience Summary
John William Wolf (CRD #1846080) is a financial advisor with extensive experience, currently employed at Cornerstone Financial Planning, Inc. in Appleton, Wisconsin. Wolf has been active in the securities industry since 1988, working for several firms over the course of his career, including A.G. Edwards & Sons, Inc., Wells Fargo Advisors, and Edward Jones. He has passed multiple industry exams, including the Series 7 – General Securities Representative Examination and the Series 63 – Uniform Securities Agent State Law Exam, qualifying him to provide financial services and advice in various capacities.
Throughout his career, Wolf has held licenses in multiple states, providing financial advisory and brokerage services to a diverse range of clients. Despite his extensive experience, Wolf has faced regulatory actions and customer disputes, which have led to settlements and ongoing investigations.
Negative Disclosures and Customer Disputes
John William Wolf has been involved in multiple customer disputes, some of which have been settled, while others remain pending:
- Settlement (2024): A customer dispute filed on May 8, 2023, alleged breach of fiduciary duty, misrepresentation, and negligence related to the sale of GWG L Bonds. The case was settled for $65,000.
- Pending Complaint (2023): A customer filed a complaint alleging unsuitable investment recommendations. The case is still pending, with arbitration proceedings requested but no specific damages disclosed yet.
- Settlement (2023): Wolf and his firm were held jointly liable for $613,825 in a FINRA arbitration concerning unsuitability and gross negligence related to the sale of unsuitable investment products.
Allegations and Accusations
John William Wolf has faced the following allegations in customer disputes and regulatory actions:
- Breach of Fiduciary Duty: Wolf has been accused of violating his fiduciary obligations by selling unsuitable investments, including GWG L Bonds, that were not appropriate for his clients’ financial goals or risk tolerance.
- Misrepresentation: He has also been accused of misrepresenting the nature and risks associated with various financial products, leading to significant customer losses.
- Negligence: In multiple instances, Wolf has been accused of negligent behavior in managing client portfolios, specifically recommending high-risk and unsuitable investments.
These accusations highlight concerns over Wolf’s handling of client investments, with violations of FINRA Rule 2111 regarding suitability being central to many of the complaints.
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by John William Wolf or have a question about the performance of your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Our cases are handled on a contingency basis. We don’t get paid unless we win for you.
