April 2020-Dallas, TX
The FINRA records of Clayton H. Wertz, a broker last employed in the securities industry by First Canterbury Securities, Inc., disclose a regulatory event resulting in his bar from the securities industry, a customer dispute 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 2019, Wertz was permanently barred from the securities industry by FINRA after allegations that he created false account statements for a customer in order for the customer to secure a bank loan for $1.872 million. The findings stated that Wertz created a false account statement for the customer by changing the name, address and account number on another customer’s statement that showed the account holding more than $3 million in securities. Wertz gave the false statements to the bank’s loan officer. Because the bank required copies of account statement each month, he created a false account statement for the customer for every month. Wertz gave some of the false statements to the customer, knowing that the customer would provided them to the bank and gave others directly to the bank. According to FINRA, Wertz knew the account statements contained false values and that there would be submitted to the bank to obtain and maintain the loan. Wertz received $50,000 from the customer and the customer’s brother in payment for his actions. The customer’s entity subsequently borrowed additional money from the bank and was extended a credit based in part on the false account statements. The customer’s entity defaulted on its loan from the bank, resulting in a loss to the bank of more than $3.2 million.
Wentz’s employment history in the securities industry includes: First Canterbury Securities, Inc. , First Financial Equity Corporation , Aspen Equity Partners, Hilltop Securities (formerly Southwest Securities), Wachovia Securities and Merrill Lynch.
If you have problems in an account handled by Clayton Holman Wertz call for a no charge consultation .
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