Financial Advisor Arthur Craigg McRae Suspended by FINRA

• July 16, 2026
• Wells Fargo Advisors

Broker’s Background

 

Arthur Craigg McRae (CRD #: 4697209) was registered with Wells Fargo Advisors Financial Network, LLC as a broker and is currently registered with International Assets Investment Management, LLC as an investment advisor. He is located in Elma, NY. Arthur’s past employers include Edward Jones.

 

Current and Past Allegations of Conduct Leading to Investment Loss

 

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in June 2026, Arthur Craigg McRae was suspended alleging, “Without admitting or denying the findings, McRae consented to the sanctions and to the entry of findings that he exercised discretion without written authorization in six customers’ accounts. The findings stated that McRae effected trades in customers’ accounts without first speaking with the customers prior to execution on the date of the transactions. Although the customers knowingly permitted McRae to exercise discretion, McRae did not have prior written authorization to exercise discretion in the accounts, and his member firm had not accepted the accounts as discretionary. McRae’s exercise of discretion extended beyond time and price discretion, and included exercising discretion with regard to which securities to purchase and sell and in what amounts. McRae also inaccurately stated in an annual compliance questionnaire submitted to his firm that he had not exercised discretion in customer accounts”.

 

In addition, Arthur Craigg McRae has been the subject of one past FINRA disclosures, including the following:

• September 2024 – Discharged after the Firm exercised its contractual right with the registered representative following multiple allegations including use of discretion in trading and mismarked trade confirmations.

For a copy of Arthur Craigg McRae’s FINRA Broker Check, click here

We Help Investors Recover Investment Losses

 

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

 

Excessive trading often occurs when a Financial Advisor puts his or her interests ahead of the clients and makes transactions solely for the purpose of generating commissions. Financial Advisors have a regulatory duty to recommend suitable investment strategies. One of the components of the suitability analysis is quantitative suitability.

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.

 

Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.

 

Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation. Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment 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 (855) 289-7868 or by email at mwolper@wolperlawfirm.com