FINRA SUSPENDS, FINES FORMER WELLS FARGO REP FOR TRADING IN DECEASED CLIENT’S ACCOUNT

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FINRA SUSPENDS, FINES FORMER WELLS FARGO REP FOR TRADING IN DECEASED CLIENT’S ACCOUNT

The Financial Industry Regulatory Authority (“FINRA”) has imposed a regulatory fine and a one year suspension against former  Wells Fargo broker Michael David Garris, formerly of Wells Fargo’s Los Angeles, California branch office.

According to FINRA’s Acceptance, Waiver and Consent letter, Garris executed twenty-six (26) unauthorized transactions in a deceased customer’s account, over eight months after he had passed. In March 2017, Garris was informed of his client’s February 2017 death and made unauthorized transactions in the account in October and November. The unauthorized transactions involved over $381,000 in trades which generated $9,313.07 in commissions to Garris.

Wells Fargo terminated Garris in June 2018 and unwound all unauthorized transactions and refunded the ill-gotten commissions.

According to Garris’s FINRA BrokerCheck report, he has been the subject of two other customer allegations, dating back to 2001. Those complaints involved allegations of deception, unsuitability, and unauthorized trading.

If you or someone you know lost money as a client of Michael Garris or Wells Fargo due to unsuitable, misrepresented, or unauthorized transactions, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.

By |July 26th, 2019|Legal Matters|

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