August 2021- Tacoma, WA
According to publicly available records, Gary L. Wells, a currently suspended financial advisor who previously was employed by American Wealth Management, Inc. and Wells Fargo, discloses a prior regulatory event , a pending regulatory event 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 April of 2021, in FINRA case #2019064851901 Wells consented to the entry of findings that he circumvented his member firm’s WSP’s by accepting bequests totaling over $600,000 from the estate of an elderly customer. The findings stated that the customer named Wells as a beneficiary and fiduciary in her will. Subsequently, one of his firm’s contacted him regarding a complaint received from the customer’s brother indicating that Wells was named in a fiduciary capacity and as a beneficiary in the customer’s will. Thereafter the firm instructed Wells to have himself removed from those designations and further instructed Wells that if the client refused to remove him that he should decline the appointments. Later, following the death of the customer at age 92, Wells received a bequest in the form of a wire transfer from the customer’s estate to his firm brokerage account. The firm reversed the transfer of funds and informed Wells in writing that he would not be allowed to receive assets as a bequest from a non-family member. After the firm informed him that he could not accept such funds, Well then proceeded to accept three separate bequests from the customer and deposited the checks into a personal savings account an an unaffiliated bank. In addition, Wells concealed the fact that he was the beneficiary and had received bequests from the customer’s estate by making false statements on one firm’s compliance questionnaire. Sanctions were a 15 month suspension from FINRA in all capacities and a $20,000 fine paid by Wells individually.
In December of 2020 the State of Washington, Department of Financial Institutions, Securities Division filed case #S-20-2852-20-SC01 seeking sanctions to Cease and Desist. The Washington State regulator states that it has reason to believe the Wells violated the Securities Act of Washington. This regulatory event is currently pending.
In December of 2019, Wells was discharged from employment with Wells Fargo Advisors Financial Network after he acknowledged accessing a client’s safe and taking custody of cash contained therein before depositing the cash into the customer’s account. Wells also acknowledged accepting a bequest from the estate of a client serviced at a prior firm.
Wells was employed with American Wealth Management from March 2020 until April 2021. Prior to that he was with Wells Fargo Advisors from 1/2008-1/2020. Wells owns Legacy Capital Partners in Tacoma, WA.
If you have losses in an account handled by Gary Wells, call to learn how you may be able 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.
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