On October 9 my 86 year old mother was admitted to the hospital in a life threatening condition. As her Power of Attorney I started going through her bills to make sure they were being paid. I ran across a Wells Fargo Advisors, LLC statement and noticed that my 86 year old mother had just made a large purchase of stock in Merck Pharmaceuticals. This threw up a huge red flag, and I started investigating.
The advisor on the account was listed as Daniel Ford Green. I contacted him and gave him a copy of my Power of Attorney. I was later contacted by phone and Wells Fargo Advisors stated that they would not honor my POA. The more I dug through my mother's statements the more I found. Wells Fargo Advisors had acquired her account when Wells Fargo took over Wacovia.
I have now reviewed statements all the way back to early 2005. The portfolio objective was, and still is, listed as "conservative growth". From early 2005 through early 2009 neither of my mother's previous advisors made any changes to her portfolio. That account was set up prior to my father's death. My mother knows little to nothing about securities and investing.
Within a few months of taking over my mother's account Mr. Green drained the cash out of her account and started making trades in order to make large commissions.in less than 2 years he made over $62,000.00 in trades taking her from a very conservative portfolio to a high risk portfolio with almost no cash left in the account at any time.
This man is a predator who preys on the elderly to line his own pockets. It's my understanding, from speaking to one of my mother's previous advisors, that Mr. Green has dozens of elderly clients under his advisory. He needs to be stopped.
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