FINRA Bars Wells Fargo Stockbroker In Investigation
Marvin Egorin of Beverly Hills California a stockbroker formerly employed by Wells Fargo Clearing Services LLC has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on accusations that he failed to provide FINRA with information that was requested of him in connection with a misconduct inquiry. Case No. 2019061659101 (June 8, 2020).
According to FINRA Public Disclosure, Egorin was the subject of a FINRA inquiry that commenced in 2019. He failed to provide information to the regulator which resulted in him being issued a Notice of Suspension letter on May 13, 2020. FINRA indicated that Egorin has until August 17, 2020 to cooperate with its requests. He will be automatically barred from the securities industry if he fails to comply.
FINRA’s inquiry comes after Egorin was terminated from Wells Fargo Clearing Services on January 18, 2019 based upon misconduct. According to Wells Fargo, unauthorized trades were allegedly made by Egorin following the death of a customer of the securities broker dealer. Egorin departed Wells Fargo prior to it completing its internal inquiry into Egorin’s possible unauthorized trading.
FINRA Public Disclosure additionally reveals that Egorin is the subject of a customer initiated investment related written complaint in which the customer requested $160,000.00 in damages based upon allegations that the customer had been placed into unsuitable investments by Egorin during the time that he was associated with AG Edwards Sons Inc.
Between January 18, 2019 and March 6, 2019, Egorin was registered with Wedbush Securities Inc.