David Wesley Wells, of Hanover, Pennsylvania, a stockbroker currently registered with Mid Atlantic Capital Corporation, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into allegations against him of misappropriation. Letter of Acceptance, Waiver and Consent, No. 20160526226-02 (May 24, 2017).

According to the AWC, Wells was terminated by Mid Atlantic Capital Corporation on December 21, 2016, based upon allegations that customer funds were misappropriated by Wells while serving as a trust officer for Counsel Trust – an office associated with Mid Atlantic Capital Corporation. The AWC stated that FINRA launched an investigation into allegations of Wells’ wrongdoing, and requested on February 24, 2017, that Wells provide documentation and information to FINRA by March 8, 2017, based on Rule 8210.

Evidently, Wells was cognizant of FINRA’s request; however, he declined to cooperate and never furnished documentation and information. FINRA found that Wells’ conduct in this regard was violative of FINRA Rule 2010 and 8210, and imposed the sanctions of a permanent bar as a result.

Guiliano Law Group

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