Former Wells Fargo Broker Barred for Investment Scheme
From the Desk of Jim Eccleston at Eccleston Law Offices:
FINRA has barred a former Wells Fargo broker, Michael Frew, with orchestrating a promissory note scheme.
According to his employment record, from 2003 to 2014, Frew was employed by Wells Fargo as a registered broker and investment adviser. During that period, Frew solicited millions of dollars from friends, family and clients, selling them a fund that he represented would be used by a real estate developer to rehabilitate properties in areas hit by natural disasters. He promised investors interest payments ranging from 10 to 14 percent per year.
But when investors stopped receiving payments at various times this year and tried to contact Frew, they were unable to reach him.
Frew resigned from Well Fargo after the firm opened an investigation into a customer's attempt to wire money into Frew's bank account.
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Tags: FINRA, Michael Frew, Wells Fargo, Promissory Note Scheme