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Donavan Hilsabeck: CD Complaint Against Las Vegas Advisor

The performance of a structured certificate of deposit is at issue in a recent complaint against Las Vegas broker Donavan Hilsabeck (CRD# 1503039). Records provided by the Financial Industry Regulatory Authority show that he is a broker and an investment advisor with Wells Fargo Clearing Services.

Pending Complaint Seeks $220,000

Mr. Hilsabeck’s BrokerCheck report discloses two investor complaints, one settled and one pending. The most recent of the two complaints was filed in October 2022. It alleges that as a representative of Wells Fargo Clearing Services, he misrepresented the performance of a structured CD purchased in 2015. The pending complaint alleges damages of $220,000.

Suitability Complaint Settled in 2001

The second investor complaint disclosed in Mr. Hilsabeck’s BrokerCheck report was filed in 2001. It alleged that while he was a representative of Wells Fargo Securities, he recommended an unsuitable mutual fund investment. Later that year, the complaint reached a settlement of $1,212.48.

Complaints Against Wells Fargo Advisors

Mr. Hilsabeck’s advisor profile on Wells Fargo’s website describes him as a provider of “Tailored Financial Strategies” and “Personal Service” from his office in Las Vegas. “Whether you are investing for retirement, education expenses or some other goal, I will help you make informed decisions about your investment strategy,” it states. “You have access to additional resources available through affiliates, including trust and estate services, insurance products, and much more.”

He is not the only Wells Fargo representative to receive an investor complaint in recent years. New Haven-based advisor Anne Debowes, for instance, was the recipient of an August 2022 mismanagement complaint seeking damages of more than $431,000 before it was denied by the firm. In Seattle, meanwhile, representative Daniel Evans received a still-pending complaint alleging he recommended unsuitable investments that resulted in damages of at least $10 million. Allen Wilson, a representative based in Florham Park, New Jersey, received a suitability complaint that settled for $80,000.

FINRA: Hilsabeck Based in Las Vegas, Henderson

According to records maintained by the Financial Industry Regulatory Authority, Donavan Hilsabeck has spent 34 years working as a broker. Based in Las Vegas and Henderson, Nevada, he has been with Wells Fargo Clearing Services since 2011, prior to which he was registered with Wells Fargo Investments starting in 2000. More information about his history is available in his BrokerCheck report. (Information current as of November 18, 2022.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.

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