Wells Fargo Investments
Mutual Fund Misrepresentation

I opened an investment account and purchased mutual funds. This was my first experience in investing. I was told the funds were 100% safe. My Broker said "the world would have to come to an end for my investment to lose money". My broker was told I had zero tolerance for loss. I asked about Bonds but Mutual Funds were presented as being just as safe. After 9-11-01 the Investment began losing. I called the same day insisting that my money be moved. She refused saying I had to wait because it would recover in a few days. I insisted, she refused until 2-3 days later after $20,000 was lost. After removing my money from the funds, she later refused to close my account after I requested it be closed. Without my knowledge, I was receiving statements at my old address after I moved to another state. My account was not closed until 11-2-06 after I insisted once again. A Wells Fargo Rep Said the account was reopened when interest was paid. It was ever closed. There would have been no interest if the account was closed as requested.

There are three instances of bad behavior. 1. Not telling the truth about Mutual Fund Safety. 2. Refusing to move my money from the Mutual Fund Investments. 3. Refusing to close my account.

Company: Wells Fargo Investments
Country: USA
State: California
City: Ventura
Address: 270 S Mills Rd
Phone: 8056424107

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