SA Stone Stockbroker Sanctioned For Unauthorized Transactions
Christopher Todd Wendel of Celina Ohio a stockbroker formerly registered with SA Stone Wealth Management Inc. is referenced in a Cease and Desist Order issued by Ohio Division of Securities founded on allegations of Wendel having sold unregistered securities to residents in Ohio during a time that he was not licensed as a stockbroker. Case No. 19-018 (Aug. 20, 2019).
This is not the first time that Wendel has been sanctioned by a securities regulator. In particular, Wendel has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Wendel sold $343,500.00 in promissory notes in Woodbridge Mortgage Investment Funds when these investments were neither offered nor approved to be offered by stockbrokers of the firm; and Wendel lied to FINRA personnel about his participation in the sales of Woodbridge promissory notes. Letter of Acceptance Waiver and Consent No. 2017055476801 (June 1, 2018).
FINRA Public Disclosure reveals that Wendel is referenced in seven customer initiated investment related disputes which pertain to accusations of his violative conduct while employed with securities broker dealers including WRP Investments, SA Stone Wealth Management Inc. and American Express Financial Advisors. In particular, Wendel is the subject of a customer initiated investment related written complaint which was resolved for $130,936.88 in damages based upon allegations of his unauthorized mutual fund trading in a customer’s account.
Another customer initiated investment related complaint concerning Wendel’s activities was settled for $200,000.00 in damages supported by accusations of the customer being sold unsuitable mutual fund investments. In addition, Wendel is referenced in a customer initiated investment related written complaint which was resolved for $90,000.00 founded on allegations that Wendel allocated the customer’s assets in illiquid real estate investment trust products and effected unsuitable mutual fund transactions which caused the customer to experience unwarranted losses.
Another customer initiated investment related arbitration claim involving Wendel’s conduct was settled for $67,500.00 in damages based upon accusations that recommendations of limited partnership interests or direct participation program products failed to be suitable given the customer’s goals or risk tolerance; and SA Stone Wealth Management neglected to supervise Wendel’s activities which led the customer to incur unwarranted losses. FINRA Arbitration No. 18-00609 (Nov. 8, 2018).
Wendel is the subject of yet another customer initiated investment related arbitration claim in which the customer sought $100,001.00 in damages supported by allegations of bad investment advice, misrepresentations, and omissions about a promissory note he sold during the time that he was associated with SA Stone Wealth Management Inc. FINRA Arbitration No. 19-01092 (May 6, 2019).