FINRA arbitration claim:
Wachovia Securities, LLC., n/k/a Wells Fargo Advisors, LLC. and Jeffrey Scott Farmer, (Investment - Foundation Franchises, Inc.)
An elderly husband and wife recently filed a FINRA arbitration claim against Jeffrey Scott Farmer and his former employer Wachovia Securities, LLC., a/k/a Wells Fargo Advisors, LLC. for the sale of a private placement in a Delaware company called Foundation Franchises, Inc. According to the statement of claim, based exclusively upon the verbal representations of Mr. Farmer, the claimants invested a total of $50,000 in the company. It is alleged that this investment was unsuitable for the claimants and that either Mr. Farmer sold this investment as an unapproved outside business activity or that the firm approved the same but did not perform the appropriate degree of due diligence relative to Foundation Franchises, Inc.
Even though Mr. Farmer is subject to FINRA jurisdiction relative to this claim, he apparently has elected not to defend the claim. The matter has not yet been set for final hearing.
