Former Fifth Third Securities Financial Advisor David S. Wells Barred by FINRA After Refusing to Participate in Investigation into Allegations of Misappropriation
David S. Wells (CRD#: 6774493) is a previously registered Broker and Investment Advisor. He entered the securities industry in 2017 and previously worked for Fifth Third Securities, Inc.; and Merrill Lynch, Pierce, Fenner & Smith, Inc.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in September 2021, FINRA sanctioned David S. Wells, barring him from all capacities indefinitely beginning on September 20, 2021. The FINRA sanction states, “Without admitting or denying the findings, Wells consented to the sanction and to the entry of findings that he failed to appear for on-the-record testimony or to produce documents requested by FINRA in connection with its investigation into his potential misconduct while at his member firm.”
For a copy of the FINRA sanction, click here.
In addition, David S. Wells has been the subject of one disclosure, including the following:
● June 2021–”At the time of termination, David Wells admitted misappropriating funds from three clients.” David S. Wells was permitted to voluntarily resign from Fifth Third Securities.
For a copy of David S. Wells’s FINRA BrokerCheck, click here.
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.
Broker theft or misappropriation occurs when a Financial Advisor takes money from a customer account without permission. This can be in the form of withdrawals, borrowings, unauthorized charges, checks or transfers. Brokerage firms have a regulatory responsibility to supervise their registered representatives and, in addition, to monitor the movement of money within customer accounts. If money is being taken by a Financial Advisor without the customer’s permission, the brokerage firm may be responsible for those losses.
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