Wells Fargo’s Andy Hill Racks up More Customer Complaints

Andy Hill (CRD# 4606358[1]), a broker registered with Wells Fargo Advisors, is embroiled in an investor dispute alleging he provided misleading information. This information can be found in his Financial Industry Regulatory Authority (FINRA) BrokerCheck profile, a record accessed on July 17, 2023. Mr. Hill is registered with his member firm’s branch offices in Atwater, California, as well as Riverbank, Ceres, and Turlock.

2023 Complaint Concerns Unsuitable CDs

On May 30, 2023, a party of investors filed a dispute alleging that in 2019, Mr. Hill misrepresented unsuitable investments in structured certificates of deposit (CDs) with the purpose of generating higher commissions. The dispute, which remains pending, seeks damages of approximately $150,000.

Past Disputes Settled for More than $130,000

Between 2008 and 2009, four investors or parties of investors filed disputes involving Mr. Hill which were eventually settled by his former member firms. The disputes alleged unauthorized trading, misrepresentations, and the unauthorized changing of a customer’s account information. His firms settled these disputes for more than $130,000 in total.

Why Did WaMu Fire Andy Hill in 2008?

WaMu Investments, later known as Chase Investment Services Corporation, fired Mr. Hill in 2008. According to his BrokerCheck record, the firm terminated his registration following allegations that he “placed trades in a client’s account without obtaining the client’s approval.”

Mr. Hill provided a statement regarding the termination which can be found on his BrokerCheck record. “I placed a trade in error in the client account,” this statement reads, proceeding to explain that a month elapsed before anyone noticed the trade in question.” “I took immediate action to remedy the error upon notification. The firm took significant losses due to market movement and investment type during this time frame.”

Brokers Are Required to Recommend Suitable Investments

Under FINRA Rule 2111[2], brokers like Mr. Hill are prohibited from recommending investments which they do not have a “reasonable basis to believe” are suitable for their customers, based on reasonable diligence into a customer’s profile.

Brokers May Not Misrepresent Investments

Under FINRA Rule 2020[3], brokers are prohibited from making use of “manipulative, deceptive, or other fraudulent device[s] or contrivance[s]” to induce securities transactions. In other words, they are forbidden from misrepresenting material information concerning the investments they recommend.

Andy Hill Based in Turlock, California

Hill started his career as a broker in 2003, when he registered with Morgan Stanley. In the years since, he’s worked at firms including Merrill Lynch and WaMu Investments. He joined Wells Fargo Advisors in 2011, and he is registered with the firm’s offices in Turlock, Atwater, Ceres, and Riverbank, California. He also goes by Steven Hill, according to his BrokerCheck record, and he has passed five securities industry exams, including the Series 65 and the Series 31. 

Investment Losses?

If you are a current or former customer of Andy Hill with concerns about your investments, you may be able to recover lost funds. Call MDF Law[4] to discuss whether a FINRA arbitration proceeding is appropriate for your situation. Our attorneys boast lengthy experience recovering millions of dollars for our clients. The firm offers free consultations to investors nationwide. Your time to file a claim may be limited, so call 800-767-8040 to chat with a lawyer.