Tom Ley: Wells Fargo Advisor Faces Investor Complaint

Toms River, New Jersey financial advisor Tom Ley (CRD# 1127048) recently received an investor complaint alleging that his conduct resulted in losses. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Wells Fargo Clearing Services and Wells Fargo Advisors, respectively.

Mr. Ley’s BrokerCheck report discloses three investor complaints. The most recent, filed in March 2024, alleges that as a representative of Wells Fargo, he made unauthorized transactions. The pending complaint alleges damages of $15,000.

An earlier investor complaint, filed in 2006, alleged that as a representative of Morgan Stanley DW, he recommended an unsuitable investment. The complaint alleged damages of $12,705.25 and was denied by the firm.

A third investor complaint, filed in 1995, alleged that as an Oppenheimer & Company representative, he misrepresented and recommended unsuitable investments, executed unauthorized trades, and breached his fiduciary duty. The complaint evolved into an arbitration proceeding before an NASD panel, which issued an award to the customer of $65,000.

Wells Fargo’s website includes a profile of Mr. Ley that describes his background and wealth management approach. “Tom begins the process with an investment plan that clearly defines a client’s goals and objectives,” it states. “Tom believes that success is not measured by individual investment returns, but by how effectively his clients have achieved the goals and objectives they articulated to him at the beginning, and throughout their relationship together.”

According to the Financial Industry Regulatory Authority, Tom Ley holds 41 years of securities industry experience. Based in Toms River, New Jersey, he has been registered as a broker and an investment advisor with Wells Fargo Clearing Services and Wells Fargo Advisors, respectively, since 2012. His past registrations include Morgan Stanley Smith Barney, Citigroup Global Markets, Morgan Stanley DW, CIBC World Markets, Oppenheimer & Company, Prudential-Bache Securities, Smith Barney Harris Upham & Company, and Underhill Associates. His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the National Commodity Futures Examination, or Series 3; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in California, Connecticut, Florida, Georgia, Indiana, Maine, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, and Tennessee. (Information current as of June 8, 2024.)

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