FINRA barred Wells Fargo Clearing Services broker Bryan Edwin Benson for failing to cooperate with an investigation into a customer complaint. In 2017, Benson settled a dispute alleging unsuitable investments for $415,000.
Bryan Benson (CRD #807506)'s BrokerCheck file indicates the customer complaint settled for $415,000 alleged unsuitable investments associated with Direct Participation Programs (DPPs) and LP Interests. Benson was associated with Wells Fargo Clearing Services of Tucson, Arizona from 2007 to January 2020; he was also affiliated with Wells Fargo Advisors (Tucson) from 2009 through 2016.
According to the regulator's AWC #2019061374201, Benson e-mailed FINRA staff in April 2020 stating his refusal to produce requested information and documents.
According to CNBC, DPP products are generally non-traded pooled investments in real estate or energy—or more specifically, a real estate or energy business' tax benefits or cash flow. Non-traded REITs and similar DPPs often find themselves under the regulatory microscope; FINRA routinely includes REITs on its watch list for suitability, overconcentration, and other violations. In other words, not only do DPPs touch on the risky real estate and energy sectors, DPPs themselves are alternative and complex investments that may not be suitable for risk-averse investors.
If you have invested with Wells Fargo's Bryan Benson or with any financial adviser or broker who recommended an unsuitably risky product such as an oil-and-gas DPP, alt investment, or non-traded REIT that has proven harmful to your investments or interests, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.