Former Wells Fargo Broker Mike Frew Arrested Amid Ponzi Scheme Allegations

Mike FrewNews reports and publicly available records provided by the Financial Industry Regulatory Authority (FINRA), accessed on August 9, 2018, indicate that former Wells Fargo Advisors broker/adviser Mike Frew, who has been sanctioned by FINRA and barred from acting as a broker, was recently arrested in connection with an alleged Ponzi scheme. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Frew (CRD# 812805).

Mike Frew has spent 38 years in the securities industry and was most recently registered with Wells Fargo Advisors in San Francisco, California (2003-2014). Previous registrations include Prudential Securities in New York, New York (1988-2003); Shearson Lehman Hutton (1988); and EF Hutton & Company (1975-1988). He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on August 24, 1994; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on March 24, 1981; PC (AMEX Put and Call Exam), which he obtained on August 31, 1977; and Series 7 (General Securities Representative Examination), which he obtained on September 20, 1975. He is currently not registered with any state or firm.

According to his BrokerCheck report, Mike Frew has received nine customer complaints and two regulatory sanctions.

According to a report by the Daily Journal, he was arrested in July 2018 and charged by federal prosecutors in San Francisco with “wire fraud, mail fraud and money laundering for allegedly running a real estate Ponzi scheme.” Prosecutors allege that starting in 2010, Mr. Frew defrauded investors by representing that he would invest their funds in real estate, then used those funds for his own personal expenses, stock market trading and repaying past investors. The Journal states further that his scheme “involved allegedly convincing victims to wire money for real estate investments in areas that had recently been under distress due to natural disasters,” and that in one instance he took more than $380,000 in funds from a couple whom he promised a 10% return on the investment which he eventually used for himself. The charges remain pending.

In 2016 a customer alleged Mike Frew, while employed at Wells Fargo Advisors, misappropriated funds for his own personal use. The complaint settled for $87,000.

In 2014 a customer alleged Mike Frew, while employed at Wells Fargo Advisors, solicited investments in non-approved outside securities transactions and misappropriated funds. The complaint settled for $350,000.

In 2014 a customer alleged Mike Frew, while employed at Wells Fargo Advisors, solicited non-approved transactions and misappropriated money for his own personal use. The complaint settled for $1,020,530.

If you have lost money investing with Mike Frew, you may be eligible to recover your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: we only receive payment if and when you recover money. You might have a limited time by law to file your claim, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.