Former Wells Fargo broker John Christopher Pierce agreed to be barred from working with any firm registered with FINRA after he allegedly stole from his clients’ bank accounts. At the time of the alleged misconduct, Pierce was both a registered broker-dealer with Wells Fargo as well as a personal banker at a Wells Fargo Bank branch in Pennsylvania, according to a letter accepted by FINRA.

The scheme allegedly began at the beginning of March when he issued an instant debit card with a daily withdrawal limit of $1,500 under the name of a Wells Fargo Bank customer. Pierce then used the card to make two unauthorized ATM withdrawals totaling $1,380 for his personal use. After a complaint was made with the bank, Pierce replenished the account with funds from another customer without consent.

Pierce was registered with Wells Fargo Advisors in January 2014 and was terminated this past March. He agreed to be barred from associating with any FINRA member but neither admitted nor denied FINRA’s findings.

Before working at Wells Fargo Bank in Exton, Pennsylvania, Pierce was employed by PB&J Costume Rentals in Ridley Park, Pennsylvania, from April 2010 to December 2013, according to FINRA’s BrokerCheck. He was registered with the brokerage firm of Vanguard Marketing Corp. in Malvern, Pennsylvania, from June 2006 to December 2013. While registered at Vanguard, Pierce was employed from November 2011 to November 2012 at Ignite/Stream Energy in Dallas, Texas, according to BrokerCheck.

If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.