Wells Fargo Clearing Services, LLC

Discharged

Discharged due to marking certain fixed income order tickets unsolicited when the Firm considered the order solicited, which the Firm considered a violation of internal policies and procedures.

I solicited a fixed-income investment for a client's taxable account and he decided to buy the same security in his retirement account. I marked the trade unsolicited. Wells Fargo had implemented an internal fiduciary rule era policy requiring this type of investment only be placed in taxable accounts if solicited. The client moved his investments with me to my new firm.

CLIENT ALLEGED STOCK SOLD WITHOUT PERMISSION AND CLIENT CLAIMED HE WAS CHARGED COMMISSION ON REPURCHASE. (03/26/2014-03/31/2014)

$60,000.00

$90,000.00

A client called my office to discuss a direct rollover of his 401k to his IRA. I was out of the office, so my assistant took the call. There was a misunderstanding between the client and my assistant on whether to sell his stock before initiating the transfer. The stock was sold by the 401k provider. When I called the client to let him know the transfer was complete, he asked I buy it back. The stock appreciated during this time period. The client filed a complaint against me due to the impacts of the misunderstanding even though I did not take part in the conversation resulting in his stock being sold.