Tracy Wengert, formerly of TransAmerica Financial Advisors, Fined $1.5 Million by Arizona
Have you lost money with financial advisor Tracy Wengert of Mesa, Arizona? We are investigating allegations made by the Arizona Corporation Commission against Wengert. Arizona alleged that he induced customers of his brokerage firm, TransAmerica Financial Advisors, to open up separate accounts at TD Ameritrade, in which he told them he would make “low risk” trades. Wengert also convinced these investors to give him discretionary authority to trade these accounts on the investors’ behalf.
Arizona further alleged that Wengert used options trading on margin to effect these trades, causing substantial losses to the investors. The investors were charged commissions on the accounts, and Wengert even induced the investors to give him additional money for making these trades. Also, it was alleged that Wengert told one of the investors that she had $318,000 in her TD Ameritrade account, when in fact the account only had $2.87.
In April 2017, Arizona barred Tracy Wengert from the securities industry. Wengert was also fined $1.5 million and ordered to pay such to the investors who were affected by his conduct.
Tracy Neal Wengert was a financial advisor and registered representative of TransAmerica Financial Advisors from January 2012 to February 2015. He also worked for World Group Securities from 2002 to January 2012. He worked at a branch office in Mesa, Arizona and lived in the Phoenix area. Wengert has the subject of at least four customer complaints. Wengert was also previously barred from the securities industry by FINRA (the Financial Industry Regulatory Authority) for this conduct.
Brokerage firms like TransAmerica Financial Advisors 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 and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Arizona and the Phoenix area. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
Click to view: Wengert BrokerCheck 10.30.15 (1)
Click to view: Wengert FINRA AWC (1)
Click to view: Wengert, Tracy Arizona Order
Click to view: Wengert, Tracy Arizona Comp (1)
If you lost money with Tracy Wengert or TransAmerica Financial Advisors, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.