Category Archives: Wells Fargo

Securities Regulators Fine 12 Firms over $14 million for Failing to Protect Records

December 2016- Washington

In a News Release, the Financial Industry Regulatory Authority (FINRA) announced that the following firms were fined a total of $14.4 million for deficiencies relating to the preservation of brokerage firm records and customer records in a format that prevents alteration:

  • Wells Fargo Securities & Wells Fargo Prime Services, fine $4 million jointly
  • RBC Capital Markets & RBC Capital Markets Arbitrage fined $3.5 million jointly
  • RBS Securities, fined $2 million
  • Wells Fargo Advisors, Wells Fargo Advisors Financial Network & First Clearing, fined $1.5 million jointly
  • SunTrust Robinson Humphrey, fined $1.5 million
  • LPL Financial, fined $750,000
  • Georgeson Securities, fined $650,000
  • PNC Capital Markets, fined $500,000

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Bruce R. Clark-Wells Fargo Broker-Disciplined by Texas Regulator-Longview, TX

December 2016- Longview, Texas

The Texas State Securities Board (TSSB) sanctioned  Bruce Russell Clark (CRD# 2848753) of Longview, Texas,  reprimanding him and assessing an administrative fine of $5,000.

According to the TSSB Disciplinary Order, from June 1996 to July 2016, Clark had five liens entered against him which he failed to disclose as required by the Rules and Regulations of the Texas State Securities Board.

According to publicly available records Clark is currently employed by Wells Fargo Clearing Services. His prior employment includes Stifel, Nicolaus & Co. , UBS Financial Services and Citigroup Global Markets.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Wells Fargo Fined $1M Over Consolidated Reports Provided to Customers

December 2016

Wells Fargo was censured and fined $1,000,000 by the Financial Industry Regulatory Authority over its lack of supervision related to the preparation and dissemination of consolidated reports showing a customer’s financial holdings.

According to the FINRA findings, between June 2009 and June 2015, Wells Fargo brokers were allowed to prepare consolidated reports for customers using various software programs available to them. FINRA found that the supervisory system was inadequate because there was no mechanism in place to distinguish between reports that were drafted by brokers and never sent to customers and those reports that were completed and sent to customers.

If you have questions about losses in your brokerage account, call for a no charge consultation to learn about your options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Kyle Ratcliff-Stifel,Nicolaus Broker-Discloses Pending Customer Arbitration

August  2016-Denton, Texas

The FINRA records of Robert Kyle Ratcliff ,  a  stock broker who is currently employed by Stifel, Nicolaus & Co. , disclose a currently pending customer dispute.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In currently pending FINRA arbitration 15-03427, a customer of Stifel, Nicolaus  alleges damages of $75,000 for breach of fiduciary duty, negligence, failure to supervise, failure to make suitable investment recommendations, unauthorized trading, violations of Texas Securities Act, fraud, misrepresentation and breach of contract from 4/28/2011-5/28/2013.

Ratcliff has been employed by Stifel, Nicolaus & Co. since 2/2010. His prior employment includes Wells Fargo Advisors and A.G. Edwards & Sons.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Rushton L. Ardrey-Former Newport Coast Securities Broker-Discloses Customer Disputes

July 2016-Boston, MA

The FINRA records of Rushton L. Ardrey, III  , a former stock broker employed by  Newport Coast Securities  disclose 3 prior final regulatory events, a prior customer dispute, 3 currently pending customer disputes and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In September 2015, without admitting or denying the findings, Ardrey entered into an agreement with FINRA to resolve allegations that he sent a wire of $33,000 from his personal bank account to that of a customer in order to reimburse the customer for losses sustained in her account without prior written authorization from his then member firm, Wells Fargo Advisors. Ardrey was suspended for 10 days.

Ardrey’s FINRA disclosure reports that in FINRA Case 12-4352, a customer while Ardrey was employed by UBS Financial Services and Wells Fargo Advisors alleged damages in excess of $1 million for unsuitable and excessive trading. That case was settled for $455,000.

In the three pending cases customers allege unsuitable, unauthorized and excessive trading. No damages are specified.

Ardrey was employed by Newport Coast Securities  from 10/2014-8/2015. Prior to that he was with White, Weld & Co. from 12/2013-10/2014, Coastal Equities from 12/2013-12/2013 and with Wells Fargo Advisors from 9/2009-11/2013.

Ardrey was discharged by Wells Fargo Advisors in 11/2013. Wells Fargo Advisors alleged that Ardrey “admitted to making a payment to a client to compensate for account losses’, in connection with the discharge.

Investors who suffered losses in an account handled by Rushton L. Ardrey, III, may be entitled to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870