Former Wells Fargo Financial Advisor, Stephen Klinger, Barred By FINRA After Failing To Comply With Investigation Into Alleged Misappropriation Of Client Funds To Personally Trade Options
Stephen J. Klinger (CRD # 1294139) was a Financial Advisor at Well Fargo Clearing Services, LLC in Asheville, NC. Stephen Klinger has been in the securities industry since 1985 and previously worked at Wachovi Securities, Fortis Investors, Merrill Lynch, The Robinson-Humphrey Company, Edward Jones and Shearson Lehman Brothers.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in October 2019, Stephen Klinger was barred by FINRA for refusing to “provide documents and information related to the termination explanation provided in his Form U5. The findings stated that Klinger’s member firm had submitted the Form U5 disclosing that they had discharged him and that he deposited a firm client’s funds into his account to trade options and that the option trading resulted in the loss of all the client’s funds… Klinger did not report the lawsuit to the firm and settled the lawsuit without informing the firm”
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2019061847901%20Stephen%20Klinger%20CRD%201294139%20AWC%20jm.pdf.
Stephen Klinger was “discharged” by Wells Fargo in February 2019 in connection with this matter. In addition, Stephen Klinger was the subject of a March 2018 customer complaint alleging that he “assured him of positive returns on his investment.” That matter settled for $37,000.
For a copy of Stephen Klinger’s CRD, click https://brokercheck.finra.org/individual/summary/1294139#disclosuresSection.
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.
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