Robert Wolfe, a stockbroker previously affiliated at Goldman Sachs Co. LLC, was terminated as a broker based on allegations that he handled client complaints without informing Goldman Sachs Financial Management. Wolfe had been charged with improper customer interactions involving market values and portfolio diversification. He was also accused of resolving client complaints without approval or knowledge of the firm. As a result, Wolfe, who most recently was enrolled at Cetera Advisors Network, is not enrolled with any member company.
According to FINRA’s Public Disclosure, Wolfe was already named in five other client-initiated investment litigation concerning allegations of fraud while working for United Capital Financial Advisers and Cetera Advisor Networks LLC. A client lodged an investment-linked complaint regarding Wolfe’s actions on September 8, 2020, seeking $51,526.03 in compensation based on accusations that Wolfe failed to divulge details regarding closed-end fund trades during his tenure at United Capital Financial Advisers. Wolfe allegedly made unacceptable suggestions to the client, as per the complaint.
When Wolfe was working at Cetera Advisor Networks LLC, he was the focus of a client-initiated investment-related dispute resolution complaint that was resolved for $170K in damages. The complaint was based on allegations of inappropriate advice, fiduciary duty breach, breach of conduct, and inability to conduct sufficient due diligence provided by the private offerings and property investment equities.
A separate customer-commenced investment-related arbitration dispute involving Wolfe’s misconduct was settled for $140K in penalties on March 15, 2021, based on allegations that Wolfe made improper alternative investment suggestions while listed at Cetera Advisor Networks. As per the allegation, Wolfe allegedly failed to conduct proper research before offering alternative products. Cetera Advisor Networks supposedly did not correctly supervise Wolfe. The complaint also includes allegations of violation of contract and breach of fiduciary obligation.
Another client lodged an investment-associated arbitration complaint against Wolfe on August 12, 2021.
The client sought monetary damages for alleged omissions and unsatisfactory advice about investing in private placements, property investment equities, alternative investments, and fixed insurance products when Wolfe was attached at United Capital Financial Advisers.
Wolfe is equally mentioned in a client-initiated investment adjudication complaint, whereby the client wanted compensatory damages of between $100K and $500K. Equally, the complaint was based on allegations that Wolfe failed to inform the client regarding the risks associated with real estate securities and direct investments, such as LPs and DPPs. The alternate investments were subjected to inadequate due diligence as per the lawsuit. The stockbroker is also accused of making improper recommendations.
From November 1, 2017, to June 30, 2020, Wolfe worked for Cetera Advisor Networks. Also, from July 1, 2020, to October 7, 2021, he moved to Goldman Sachs Co and Mercer Allied Company LP as a registered stockbroker.
Robert Wolfe has worked in the financial securities sector for over two decades and is presently unregistered with any firm or state as a stockbroker or investment manager. Mercer Allied Company, Goldman Sachs & Company, Cetera Advisor Networks, Girard Securities, Capital Planning Group, MML Investors Services, Edward D. Jones & Company, and Advest are among his past registrations.