FINRA

Respondent Wetherell failed to respond to FINRA request for information.

Letter

Bar (Permanent)

All capacities

Indefinite

1/27/2020

Pursuant to FINRA Rule 9552(h) and in accordance with FINRA's Notice of Suspension and Suspension from Association letters dated October 23, 2019 and November 18, 2019, respectively, on January 27, 2020, Wetherell is barred from association with any FINRA member in all capacities. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in all capacities.

Kovack Securities, Inc.

Discharged

Registered Representative borrowed money from a client and failed to repay all of the funds.

CLAIMANT ALLEGES UNSUITABLE TREATMENT OF ACCOUNT, EXCESSIVE TRADING, UNSUITABLE TECHNOLOGY SHARES, INAPPROPRIATE USE OF MARGIN, AND HIGH LEVEL OF TRADING LEADING TO HIGHER PERSONAL TAXES.

$400,000.00

$275,000.00

BROKER DENIES ANY WRONGDOING. CLIENST CONFIRMED WITH UBS COMPLIANCE ALL ACTIVITY AND SUITABILITY, VERBALLY AND IN WRITING ON NUMEROUS OCCASIONS. ANY HIGHER TAXES WERE A RESULT OF GAINS IN THE ACCOUNT. USE OF MARGIN CONFIRMED BY COMPLIANCE AS WELL.

CUSTOMERS VERBALLY CLAIM THAT THE BROKER PURSUADED THEM TO INVEST MORE AGGRESSIVELY IN TECHNOLOGY STOCKS THAT WAS NOT SUITABLE FOR THEIR CONSERVATIVE INVESTMENT NEEDS. DAMAGES UNSPECIFIED.

$50,000.00

CLIENT WAS REFERRED TO BROKER'S TEAM BY A FRIEND OF BROKER'S PARTNER. WETHERALL SPOKE BRIEFLY AND GENERALLY ABOUT MARKETS AND PROVIDED INFO ON TECH STOCK IN LIEU OF PARTNER. WETHERALL DID NOT ENTER ORDERS FOR CLIENT. PARTNER WAS THE BROKER AND HANDLED THE ACCOUNT. WETHERELL DID NOT CONTRIBUTE OR KNOW OF CLAIM UNTIL AFTER UBS SETTLED. WETHERELL BELIEVES ACCOUNT WAS POSITIVE WHEN HE LEFT UBS.

CUSTOMER VERBALLY CLAIMED 7 MONTHS AFTER I LEFT THE EMPLOY OF UBS PAINEWEBBER, AND APPROXIMATELY A YEAR AFTER I STOPPED SERVING THE ACCOUNT, THAT I MADE ASSURANCES REGARDING THE PERFORMANCE OF THE STOCKS, WHICH TURNED OUT TO BE INTEREST. CUSTOMER ALSO CLAIMED INVESTMENT IN TECHNOLOGY STOCKS WERE NOT APPROPRIATE.

$20,000.00

THIS ACCOUNT WAS PRIMARILY SERVED BY MY PARTNER. I WAS NOT ADVISED OF THIS COMPLAINT UNTIL AFTER UBS PAINE WEBBER SETTLED IT, AND NOT PROVIDED AN OPPORTUNITY TO DEFEND THIS. THERE WAS NO WRONGDOING ON BROKER'S PART, CLIENT HAS HISTORY OF FOLING SMALL COMPLAINTS.

LITIGATION FILED AGAINST FA MARK WETHERELL ALLEGED THAT WHILE HE WAS EMPLOYED AT E.T. ANDREWS HE RECOMMENDED TO A CLIENT ([CUSTOMER]) TO PURCHASE APPROXIMATELY $400,000 OF HIGH RISK LIMITED PARTNERSHIPS. DAMAGES NOT SPECIFIED.

$20,000.00

THIS MATTER WAS SETTLED BY WETHERELL PAYING [CUSTOMER] $20,000 PRIOR TO TRIAL TO AVOID THE FURTHER COSTS OF LITIGATION AND TRIAL. WETHERELL DOES NOT ADMIT ANY LIABILITY OR WRONGDOING, WHICH IS EXPRESSLY DENIED. OTHER DEFENDANTS SETTLED DURING THE TRIAL.