Don Wells Allegedly Made Unsuitable Recommendations
Don Wells (CRD# 1217316), a broker registered with Realta Equities, recommended unsuitable investments, according to investor disputes. MDF Law is investigating the Wilmington, Delaware-based financial professional for similar conduct. We urge current or former clients with concerns about their portfolios to reach out for a free consultation.
This post contains additional details about Mr. Wells’ history as a broker. The information below can be found in his BrokerCheck profile, a Financial Industry Regulatory Authority record examined on February 19, 2025.
Suitability Dispute Seeks 6-Figure Damages
On October 31, 2024, an investor lodged a dispute involving Mr. Wells. As his BrokerCheck record reflects, the claim alleged that he recommended unsuitable investments. The dispute, which is still pending, seeks alleged damages of $170,000.
Firm Settled 2022 Dispute
The above-described dispute is not the only one in Mr. Wells’ past. On March 1, 2022, another investor filed a claim alleging that he recommended unsuitable products. On May 1, 2023, his former member firm settled the dispute for $90,000.
Washington Securities Division Sanctioned Broker in 2016
On March 7, 2016, the Washington Securities Division filed a cease and desist order against a number of individuals and entities, including Mr. Wells. According to a disclosure on his BrokerCheck record, the sanction alleged that the respondents engaged in fraud during the offering and sale of $17 million in “Life Partners, Inc. life settlements.” More specifically, regulators alleged that the respondents misrepresented or omitted material facts in connection with the sale of the settlements. It also alleged that Mr. Wells sold the settlements while unregistered as a salesperson or broker-dealer in the state of Washington. He consented to the cease-and-desist order as well as the imposition of more than $2,500 in fines and costs.
Mr. Wells issued a “Broker Statement” concerning the sanction, found on his BrokerCheck record. “This was in regards to a life settlement product that several clients invested in primarily between 2009 and 2011,” the statement reads. “As of 2018, not one of these clients have complained about this investment or lost money.”
FINRA: Don Wells Based in Wilmington, Delaware
Mr. Wells started working as a broker in 1983, when he registered with First American National Securities’ office in Duluth, Georgia. He went on to work at a number of firms over the years, including WMA Securities, KMS Financial Services, and Titan Securities. He joined his current member firm, Realta Equities, in July 2023, and is still registered at its Wilmington, Delaware office. With 38 years of experience as a broker, he has completed six industry exams, including the Series 7 and the Series 65.
For a Free Consultation Today, Call MDF Law
Have you lost money on investments recommended by Don Wells? MDF Law may be able to help you obtain the recovery you deserve. Our attorneys have decades of experience securing millions in investment losses for our clients. We currently provide free consultations nationwide: call 800-767-8040 to discuss your options today.