Investigating Claims involving Wells Fargo Broker Leroy Born
The White Law Group is investigating potential securities claims involving former Wells Fargo advisor Leroy Born (CRD#: 4052650). According to FINRA BrokerCheck, Born has a lengthy disclosure history including multiple customer complaints, settled disputes, and a recent termination after allegations of unsuitable investment recommendations.
Born was most recently registered with Wells Fargo Clearing Services, LLC (CRD#: 19616) in Tustin, California, from 2017 until his discharge in June 2025. He previously worked with U.S. Bancorp Investments, UnionBanc Investment Services, WM Financial Services, and Merrill Lynch.
Customer Complaints Against Leroy Born
BrokerCheck reports 12 disclosures over Born’s 25-year career in the securities industry. These include several pending and settled customer disputes:
- July 18, 2025 – Pending Dispute: Clients allege unauthorized purchases of risky securities inconsistent with their directive to invest conservatively.
- June 30, 2025 – Pending Dispute: Client/Trustee claims misrepresentation of securities as “conservative, liquid, and low risk.”
- June 18, 2025 – Termination: Wells Fargo discharged Born after determining he recommended investments inconsistent with clients’ profiles and risk tolerances.
- March 17, 2025 – Settled Dispute: Client alleged unsuitable U.S. Treasury strip recommendation. Case settled for $28,415.33.
- February 18, 2025 – Pending Dispute: Client alleges unauthorized investments and seeks reversal and compensation.
- October 23, 2024 – Settled Dispute: Allegations of unsuitable portfolio repositioning and lack of diversification. Settlement of $38,480.55.
Earlier disputes date back to 2007–2014, with a mix of settlements, denials, and withdrawn complaints involving unsuitable investment recommendations and misrepresentations.
Employment History
- Wells Fargo Clearing Services, LLC (CRD#: 19616) – 2017 to 2025
- U.S. Bancorp Investments, Inc. (CRD#: 17868) – 2011 to 2017
- UnionBanc Investment Services, LLC (CRD#: 14455) – 2002 to 2011
- WM Financial Services, Inc. (CRD#: 599) – 2002
- Merrill Lynch, Pierce, Fenner & Smith (CRD#: 7691) – 1999 to 2002
Risks for Investors
Customer allegations against Born highlight unauthorized trading, unsuitable investment recommendations, and misrepresentation of risk. These issues often result in significant losses for investors, particularly retirees or conservative clients who rely on safe and income-producing investments.
If you invested with Leroy Born and experienced unexpected losses, you may have grounds to pursue a claim for recovery.
Options for Recovery – FINRA Arbitration
Investors may be able to file claims through FINRA arbitration against the broker-dealer firms that employed Born. Wells Fargo and other firms have a duty to supervise their financial advisors and may be held liable for damages caused by unsuitable recommendations, misrepresentations, or unauthorized trading.
Unlike class actions, FINRA arbitration is an individual forum where investors may pursue compensation directly tied to their specific losses.
Free Consultation with a Securities Attorney
If you have concerns regarding investments made with Leroy Born or any other financial advisor, contact The White Law Group at (888) 637-5510 for a free consultation. Our attorneys represent investors nationwide in claims against brokerage firms and advisors. To learn more about our practice and how we help investors, visit us at www.whitesecuritieslaw.com. The White Law Group maintains offices in Chicago, Illinois and Seattle, Washington.
Frequently Asked Questions (FAQs) – Leroy Born
1. What does it mean if my broker was discharged from a firm?
A discharge often follows an internal review where the firm determines the broker engaged in conduct inconsistent with firm policies, client profiles, or industry regulations.
2. Can I recover losses from unauthorized trades?
Yes. If your broker executed transactions without your approval, you may be able to pursue damages through FINRA arbitration.
3. Do past settlements impact my ability to file a claim?
Yes. Even if a broker has settled prior disputes, new investors with losses can still file their own claims if misconduct or negligence can be established.
