FINRA Bars Wells Fargo Stockbroker In Investigation
Peter Vincent Ianace of Plano Texas a stockbroker formerly registered with Wells Fargo Clearing Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on findings that he failed to cooperate with a FINRA investigation into allegations of him engaging in undisclosed outside business activities during the period that he was associated with Wells Fargo. Letter of Acceptance Waiver and Consent No. 2020065477101 (Sept. 3, 2020).
According to the AWC, Ianace was investigated by FINRA in 2020 in regard to his possible failure to disclose outside business activities to his securities broker dealer employer. Ianace’s cooperation with that investigation stopped in August of 2020. The stockbroker was asked by the regulator to hand over documents and information as this was necessary for his compliance with Rule 8210.
The AWC stated that FINRA personnel received a phone call from Ianace on August 21, 2020 at which time Ianace made clear that he was not going to provide the documents or information that FINRA sought. FINRA determined that Ianace’s refusal to comply with the request constituted the violation of FINRA Rules 2010 and 8210.
Ianace has been identified in three customer initiated investment related disputes regarding allegations of his misbehavior when he was employed by AG Edwards Sons Inc. and Wells Fargo. FINRA Public Disclosure reveals that a customer initiated investment related arbitration claim involving Ianace’s conduct was settled for $60,000.00 in damages based upon accusations that a contract between the customer and the securities broker dealer had been violated and that a fiduciary duty which was owed to the customer had been breached relating to equities transactions initiated by the stockbroker at AG Edwards Sons. The claim alleges that the stockbroker’s negligence resulted in the customer’s equities losses.
Another customer filed an investment related complaint involving Ianace’s conduct in which the customer requested unspecified damages founded on allegations of the concealment of important information by Ianace as it pertained to a variable annuity which the customer purchased when Ianace was associated with AG Edwards Sons. The complaint also alleges that the customer was placed into unsuitable investments by Ianace.
Ianace is also referenced in a customer initiated investment related arbitration claim where the customer sought $13,000,000.00 in damages supported by accusations that the customer had been provided with bad advice from Ianace during the time that he was associated with Wells Fargo and this led the customer to sustain investment losses. FINRA Arbitration No. 20-02353 (Aug. 7, 2020). According to the claim, the stockbroker neglected to fix the over-leveraged and over-concentrated nature of the customer’s Wells Fargo accounts.
Ianace was employed by Wells Fargo between December 10, 2019 and June 8, 2020. He was also employed by Merrill Lynch between October 21, 2011 and December 11, 2019.