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Former Financial Advisor Adam T Marquardt Permanently Barred by FINRA

Adam T. Marquardt (CRD#: 5307192) is a previously registered Broker and Investment Advisor.

Broker’s Background

He entered the securities industry in 2007 and previously worked for Cetera Advisors, LLC; Wells Fargo Advisors Financial Network, LLC; Wells Fargo Advisors, LLC; and A.G. Edwards & Sons, Inc.

Current And Past Allegations Of Conduct Leading To Investment Loss

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in July 2022, FINRA sanctioned Adam T. Marquardt, permanently barring him from all capacities indefinitely, beginning July 21, 2022. The FINRA sanction states, “Without admitting or denying the findings, Marquardt consented to the sanction and to the entry of findings that he refused to provide on-the-record testimony requested by FINRA in connection with its investigation into the allegations in a Uniform Termination Notice for Securities Industry Registration (Form U5) filed by his member firm stating that, at his resignation, Marquardt was under internal review for allegations that he deposited cashier’s checks into client accounts in part to cover certain clients’ investment losses without knowledge or authorization by the firm.”

For a copy of the FINRA sanction, click here.

In addition, Adam T. Marquardt has been the subject of one customer complaint and was terminated by Wells Fargo Advisors and Cetera Advisors:

  • July 2020 — “Allegations that registered representative deposited cashier’s checks into client accounts in part to cover certain clients’ investment losses without knowledge or authorization by the Firm.” Adam Marquart voluntarily resigned from Wells Fargo Financial Network, LLC.
  • March 2017 — “Adam Marquardt was a subject of the customer’s complaint against his member firm that asserted the following causes of action: violations of federal securities laws, including fraud in connection with the purchase or sale of securities; violations of Minnesota Securities Act, including misrepresentations, omissions of material fact, and employment of schemes to defraud and engaging in course of business which operated as a fraud or deceit; violations of the Minnesota Consumer Fraud Act, Uniform Deceptive Trade Practices Act, False Statement in Advertisement Act, and Unlawful Trade Practices Act; breach of contract; common law fraud; breach of fiduciary duty; and negligence and gross negligence. The causes of action related to Claimant’s allegations that Respondent invested Claimant’s funds in high-risk investments, which were contrary to his stated investment objectives. Claimant further asserted that Respondent engaged in improper short-term trading in closed-in funds and mutual fund and annuity switching, and recommended a low priced stock, which caused Claimant to incur unnecessary commissions and other fees.” The customer dispute was resolved through arbitration in favor of the customer, who was awarded a judgment.

For a copy of Adam T. Marquardt’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

FINRA regulations require that a customer’s written authorization is required before a broker-dealer can carry out transactions in the customer’s account. In addition, the broker-dealer’s member firm needs to approve the broker-dealer’s authorization. These measures are intended to protect the customer. Discretionary trading allows the broker-dealer to unilaterally decide to buy or sell securities at any price and not have to check with the client first. Exercising discretion without authorization can be costly to investors, and broker-dealers and their member firms, too.

In addition, to the extent a Financial Advisor converts client assets during the course and scope of his employment and/or registration with the brokerage firm, that brokerage firm may be held liable for any attendant losses.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]