Retiree Sues Wells Fargo for Mishandling IRA

A retiree in Florida has sued Wells Fargo after her broker allegedly mishandled IRA assets, despite having already suffered losses with the same broker, according to a statement released Tuesday by the woman's lawyer.

The retiree gave her broker a chance to "do a better job" with her IRA, after suffering losses and moving her investments to another broker-dealer. The woman returned to her initial broker after he said he would watch her IRA and "do a better job."

The claim filed by Florida-based securities fraud attorney Mark Tepper alleges that Wells Fargo "breached its duty to make suitable recommendations; mis-marked her investment objective and risk tolerance; and engaged in short term trading and speculating on Latin America and China mutual funds, and on 'ultra bull' leveraged exchange traded funds."