George Cairnes: Wells Fargo Advisor Faces Investor Complaint

A recent investor complaint against Houston, Texas financial advisor George Cairnes (CRD# 4068906) alleges the partial failure to repay a loan from a customer. Financial Industry Regulatory Authority records show that he is currently registered as a broker and an investment advisor with Wells Fargo Clearing Services.

Mr. Cairnes’ BrokerCheck report discloses several investor complaints. The most recent, filed in April 2023, alleges that the customer “set up a line of credit to loan money to the financial advisor, his family members and his friends, and a portion of which has not been repaid,” causing the line of credit to have an outstanding balance. The pending complaint alleges unspecified damages.

A second investor complaint, filed in 2013, alleged that he recommended an unsuitable options trading strategy and “misrepresented the expected return and the risk to his principle investment” while he was at Wells Fargo Advisors. The complaint alleged damages of $25,000 and was denied by the firm.

A third investor complaint, filed in 2009, alleged that as a representative of Merrill Lynch, he recommended an unsuitable mortgage. The complaint reached a settlement of $19,766.

According to the Financial Industry Regulatory Authority, George Cairnes holds 23 years of securities industry experience. Based in Houston, Texas, he has been a broker and an investment advisor with Wells Fargo Clearing Services since 2011. His past registrations include Wells Fargo Investments (2009-2011), Stanford Group Company (2008-2009), and Merrill Lynch (2000-2008). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in California, Massachusetts, Mississippi, Oklahoma, and Texas. (Information current as of May 27, 2023.)

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