James Arnold Busch (James Busch) Barred from Securities Industry and Fired by Wells Fargo Advisors, LLC – Goodman & Nekvasil P.A., May Recover Investor Losses

Goodman & Nekvasil P.A., May Recover Investor Losses - James Arnold Busch (James Busch) Barred from Securities Industry and Fired by Wells Fargo Advisors, LLC

From 2000 until James Busch’s firing in 2013, James Busch was licensed with Wells Fargo Advisors, LLC. According to FINRA’s records, James Busch was fired by Wells Fargo Advisors, LLC on September 6, 2013. Wells Fargo Advisors, LLC reported to FINRA that it determined that James Busch misappropriated customer funds.

Subsequent to James Busch’s firing by Wells Fargo Advisors, LLC, FINRA investigated James Busch and brought a disciplinary action against James Busch. James Busch was barred from the securities and investment banking industry on October 11, 2013. FINRA reports that James Busch consented to the sanction and to the entry of findings that from approximately 2006 to 2013, James Busch utilized James Busch’s customers’ bank account information to misappropriate approximately $1.3 million from approximately eight of James Busch’s Wells Fargo brokerage customers, most of whom were elderly women.

FINRA found that James Busch misappropriated money from James Busch’s customers using two primary methods. According to FINRA, between approximately 2009 and 2013, James Busch typically called James Busch’s credit card company's automated system and requested payments from his customers' Wells Fargo bank accounts to his personal credit card account. Busch provided his credit card company with the customers' Wells Fargo bank routing and bank account numbers to effectuate the transactions. According to FINRA, prior to 2009, James Busch used a manual process, whereby James Busch submitted a paper debit memo to his credit card company in order to authorize payments from James Busch’s customers' bank accounts to James Busch's credit card account. In some instances, according to FINRA, James Busch liquidated securities from the customers' brokerage accounts in order to generate cash. According to FINRA, the cash was transferred from the customers' brokerage accounts to the customers' bank accounts prior to James Busch's misappropriation of the funds.

FINRA also reports that a complaint involving James Busch’s conduct with Wells Fargo Advisors, LLC was filed. The client alleged funds were removed from his investment account. This complaint was settled.

If you lost any money on investments with James Busch, or if funds were misappropriated from you, you may be able to recover your losses from Wells Fargo Advisors, LLC. This is because Wells Fargo Advisors, LLC had a duty to supervise James Busch.

If you lost money on investments with James Busch and believe the investments may have been unsuitable or otherwise improper for you, or if funds were misappropriated from you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Wells Fargo Advisors, LLC concerning James Busch’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $170 million on behalf of victimized investors. If you lost money on investments with James Busch, or if funds were misappropriated from you, and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.   

 

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