Wells Fargo’s Philip Horn and the Braemar Country Club

This new story from the New York Times of broker fraud demonstrates just how difficult it may be even for sophisticated investors to uncover fraud when they trust their broker. It’s alleged that Mr. Horn would use the volume of his trading to cover up a series of cancel trades so that when he had a large winning trade he would allegedly subsequently cancel the trade on behalf of the client and instead he would retain the profits. How this could go on right under the noses of Wells Fargo compliance is beyond me.

It appears that although the clients were lulled into a false sense of security due to the friendship from the golf course relationship with Mr. Horn, who often worked out of his trunk, Wells Fargo compliance should have easily uncovered this as they are required to monitor all broker’s proprietary accounts and when they don’t this is what happens.

If you are a victim of Mr. Horn’s misdeeds contact my office toll free 866-764-3100 and we would be happy to assist you in analyzing and recovering the funds which were wrongfully taken.

Stuart Meissner Esq.