Former Wells Fargo Broker Barred From The Brokerage Industry

Posted on May 30th, 2014 at 5:28 PM

From the Desk of Jim Eccleston at Eccleston Law Offices:

Michael J. Frew, a former Wells Fargo broker, has been barred from the brokerage industry by FINRA amidst allegations that he perpetrated a Ponzi scheme.

Frew had been registered as a broker since 1975. In 1988 he joined Prudential Securities, which merged with Wachovia in 2003. Wells Fargo acquired Wachovia in 2009. From 2003 to January 2014, Frew was employed by Wells Fargo Advisors.

Frew solicited millions of dollars from friends, family and clients which he said 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 requested the return of their investments this year, Frew became unavailable to reach.

FINRA is continuing its investigation of Frew. However, Frew has provided misleading information to FINRA and has refused to cooperate with its investigation.

Wells Fargo Advisors issued a public statement that Frew resigned after the firm opened an investigation when a customer attempted to wire money into Frew’s personal bank account at another institution.

Current and former clients of Michael Frew should contact Eccleston Law to discuss their investment loss recovery option. 

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

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