Another Wells Fargo Broker Suspended and Fined by FINRA

Gary Gray, a former Las Vegas-based Wells Fargo broker was suspended from the industry for three months by the Financial Industry Regulatory Authority (FINRA). He was also fined $10,000. Allegedly, Gray exercised discretion in effecting 236 trades in accounts maintained by eight of his member firm’s clients without obtaining prior written authorization from the clients to exercise discretion in their accounts and without the firm having approved any of the accounts for discretionary trading. He also allegedly falsely certified in a firm Registered Asssociation Compliance Questionnaire that he did not have any accounts in which he exercised trading discretion, including time and price discretion. He also caused his firm to maintain inaccurate books and records because he allegedly marked 12 order tickets for clients as unsolicited, when, in fact, they were solicited. These are all against securities laws and Wells Fargo internal firm rules. If you or someone you know lost…

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