- August 17, 2023
- ICBA Securities
Wray Rodgers (CRD#: 2842993) is a previously registered Broker.
He entered the securities industry in 1997 and previously worked for Vining-Sparks IBG, LLC and ICBA Securities.
Current And Past Allegations Of Conduct
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in June 2023, FINRA sanctioned Wray Rodgers with an indefinite bar from all capacities, indefinitely, beginning June 7, 2023. The FINRA sanction states, “Without admitting or denying the findings, Rogers consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with its investigation into whether he engaged in an OBA without providing prior written notice to his member firm and whether he misused customer funds.”
For a copy of the FINRA sanction, click here.
In addition, Wray Rodgers has been the subject of one customer complaints, including the following:
- September 2011 — “CLAIMANT PURCHASED FNMA AND FHLMC PREFERRED SHARES IN THE AMOUNT OF $1,892,500 DURING THE PERIOD FEB 2002 AND JAN 2007-FEB 2008. CLAIMANT ALLEGES THAT THE RISK ASSOCIATED WITH THE PURCHASE OF THESE SECURITIES WAS NOT PROPERLY DISCLOSED, AND THAT GOVERNMENT-BACKING OF THESE SECURITIES WAS ERRONEOUSLY REPRESENTED.” The customer dispute was settled for $105,000.
For a copy of Wray Rodgers’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
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 firstname.lastname@example.org.