This article summarizes publicly available regulatory information and customer dispute data concerning Richard Michael Wesselt (CRD# 2195569), a former registered representative who previously worked with Fortune Financial Services, Inc. (CRD# 42150) and The O.N. Equity Sales Company (ONESCO) in Pennsylvania.
According to FINRA BrokerCheck, FINRA permanently barred Richard Wesselt from association with any FINRA member in 2020. BrokerCheck also reflects multiple customer disputes—some resolved and some still pending—as well as firm-level regulatory actions related to his recommendations of variable annuities and insurance products.
This update summarizes the key points from those public records and outlines options that investors may have if they believe they were harmed.
Richard Wesselt BrokerCheck Summary
Table of Contents
Public records on FINRA BrokerCheck for Richard Michael Wesselt (CRD# 2195569) show:
- Multiple disclosures over the course of his career
- Approximately 28 years in the securities industry (1992–2020)
- Registration at six broker‑dealer firms
- A permanent bar from FINRA effective November 9, 2020
- Regulatory actions including state proceedings
- Customer disputes, both pending and settled, involving his recommendations
Employment History
BrokerCheck reflects that Richard Wesselt was associated with, among others:
- Fortune Financial Services, Inc. – September 2017 to November 2020
- The O.N. Equity Sales Company (ONESCO) – March 2014 to September 2017
- Sterne Agee Financial Services, Inc. – May 2002 to March 2014
- American Investment Services, Inc. – April 1997 to May 2002
- W.S. Griffith & Co., Inc. – May 1994 to March 1997
- PML Securities Company – August 1992 to May 1994
FINRA Permanent Bar: Summary of Findings
On November 9, 2020, FINRA entered a decision permanently barring Richard Wesselt. According to the Letter of Acceptance, Waiver and Consent, without admitting or denying the findings, Mr. Wesselt consented to sanctions based on FINRA’s conclusions that:
- He recommended a three‑step investment strategy involving variable annuities for numerous customers,
- FINRA determined that these recommendations were unsuitable for many customers in light of their investment profiles, and
- His office obtained customer signatures on blank or incomplete forms that were later completed and submitted.
Three‑Step Strategy Involving Variable Annuities
FINRA’s findings described a strategy in which:
- Customers were advised to liquidate retirement accounts (e.g., 401(k)s or IRAs).
- Proceeds were then used to purchase variable annuities, often with surrender periods and related charges.
- Shortly after issuance, customers were advised to take withdrawals from these annuities, in part to fund life insurance policies or other expenditures.
As described in the FINRA documents, this approach contributed to:
- Surrender charges on annuities,
- Tax withholding and possible tax penalties, and
- Loss of certain benefits associated with retirement plans.
Use of Blank or Incomplete Forms
FINRA also found that:
- Customers signed forms such as new account agreements or annuity withdrawal requests when those documents were blank or incomplete, and
- These forms were then filled in and submitted later, creating incomplete or inaccurate records at the firm.
Recent Customer Disputes Involving Richard Wesselt (2022–2025)
BrokerCheck lists several pending customer disputes relating to Richard Wesselt’s prior activities. The following examples are summarized based on that public information (dates and amounts may be approximate and subject to update):
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April 30, 2025 – Pending
- Allegations: Unsuitable recommendations involving variable annuities and life insurance
- Damages requested: Approximately $500,000
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December 16, 2024 – Pending
- Allegations: Unsuitable variable annuities and life insurance recommendations
- Damages requested: Approximately $10,000
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July 10, 2024 – Pending
- Allegations: Unsuitable annuity and life insurance recommendations
- Damages requested: Approximately $500,000
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March 13, 2024 – Pending
- Allegations: Unsuitable recommendations and misrepresentations and/or omissions related to annuities and insurance products; the customers also allege that signatures were not properly obtained on certain documents
- Damages requested: Approximately $3,750,000
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December 5, 2022 – Pending
- Allegations: Unsuitable investment recommendations and misrepresentations and/or omissions related to variable annuities and insurance products
- Damages requested: Approximately $5,000
These are allegations, not findings. In pending matters, no final decision has been made unless and until the case is resolved by award, settlement, dismissal, or withdrawal.
Selected Settled Customer Disputes
BrokerCheck also lists a number of settled customer disputes associated with accounts serviced by Richard Wesselt. For example:
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August 10, 2024 – Settled
- Allegations: Unsuitable whole life policies and multiple policies
- Damages requested: Approx. $200,000
- Settlement: Approx. $117,500
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October 26, 2023 – Settled
- Allegations: Unsuitable variable annuity and life insurance sales
- Damages requested: Approx. $45,000
- Settlement: Approx. $245,000
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May 31, 2022 – Settled
- Allegations: Unsuitable recommendations and overselling of life insurance
- Settlement: Approx. $1,500,000
Settlement amounts generally reflect a negotiated resolution and do not necessarily represent an admission of liability by the advisor or the firm.
Strategies Allegedly Used by Richard Wesselt
Some customer disputes and regulatory documents describe a version of a “build your own bank” or “infinite banking”‑style approach. In general:
- Traditional “infinite banking” uses whole life policies and policy loans for long‑term cash flow management.
- In the cases involving Richard Wesselt, regulators alleged that the way this concept was implemented—especially involving retirement account liquidations, variable annuities, and quick withdrawals—was inconsistent with the customers’ stated needs and time horizons.
Key concerns highlighted in public documents include:
- Recommendations to liquidate retirement accounts to fund new products,
- Use of variable annuities as short‑term funding vehicles despite long surrender schedules, and
- Multiple layers of costs and charges (surrender fees, tax withholding, and insurance premiums).
Again, these descriptions are based on regulatory findings and customer allegations, not new or independent conclusions.
Fortune Financial Services and ONESCO: Supervisory Issues
Regulatory settlements involving Fortune Financial Services, Inc. and The O.N. Equity Sales Company (ONESCO) reference supervisory responsibilities related to the accounts handled by Richard Wesselt.
Fortune Financial Services, Inc.
FINRA took action against Fortune Financial regarding the supervision of certain variable annuity business, requiring:
- A censure, and
- Restitution to affected customers (per FINRA’s published decision).
The findings noted issues with supervisory systems designed to review the suitability of recommendations.
ONESCO
In a separate FINRA settlement, ONESCO agreed to:
- A censure,
- Restitution to customers, and
- A monetary fine.
FINRA’s findings indicated that ONESCO’s supervisory review did not fully account for the overall strategy being recommended and that certain red flags (such as issuer questions about withdrawals and surrender charges) were not thoroughly investigated at the time.
Applicable FINRA Rules
The public actions involving Richard Wesselt and his former firms reference common FINRA obligations, particularly:
- FINRA Rule 2111 (Suitability) – requires that recommendations be suitable based on a customer’s investment profile (age, risk tolerance, liquidity needs, time horizon, etc.).
- FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) – requires high standards of commercial honor and just and equitable trade practices.
Breaches of these rules can result in sanctions such as fines, suspensions, restitution orders, and in some cases, permanent bars.
Investor Risk Indicators
The situations described in the regulatory documents and customer disputes highlight general risk indicators investors should be aware of—regardless of the specific advisor:
- Recommendations to cash out retirement accounts without a clear, documented need or explanation of tax and penalty consequences
- Use of variable annuities for short‑term purposes, especially when immediate withdrawals or policy loans are contemplated
- Requests to sign blank or incomplete forms
- Emphasis on product “bonuses” or complex strategies without a clear, written cost/benefit analysis
- Difficulty obtaining copies of documents or clear explanations of fees and risks
These are broad educational points and not specific findings about any single advisor beyond what public records already state.
What Investors Can Do If They Worked With Richard Wesselt
If you previously invested through Richard Wesselt at Fortune Financial Services, ONESCO, or another firm, and you are concerned about your outcomes, you may consider the following steps:
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Obtain documentation
- Account statements showing purchases, withdrawals, and fees
- Copies of annuity, insurance, or investment contracts
- Any written proposals, emails, or letters
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Review your investment profile
- Compare your stated goals, risk tolerance, and time horizon against the products you were sold.
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Consult a qualified attorney
- A securities arbitration or investment‑fraud attorney can review your documents and help determine whether you may have a viable FINRA arbitration or other claim.
Potential Avenues for Recovery
Depending on the facts, investors may be able to seek recovery for:
- Account losses related to unsuitable recommendations
- Surrender charges and early withdrawal penalties
- Certain tax‑related costs directly linked to the recommendations
- Interest or other relief, where allowed
Claims are generally subject to time limits, including FINRA’s six‑year eligibility rule and state statutes of limitation, so it is important to seek advice promptly.
