Wells Fargo Broker Suspended By Nevada Regulators
Raleigh Edward Kraft of Front Royal Virginia a stockbroker formerly registered with Wells Fargo Advisors Financial Network LLC has been suspended for two years from all supervisory capacities in the state of Nevada according to an Administrative Consent Order issued by the Nevada Secretary of State containing findings that Kraft had been subject of several violations of Wells Fargo Advisor Financial policy. Case No. S18-16 (June 4, 2018).
FINRA Public Disclosure confirms that on October 24, 2016, Wells Fargo Advisors Financial Network LLC discharged Kraft founded on accusations that Kraft, inter alia, engaged in communications with customers without going through supervisory or compliance protocols; conducted business without the firm’s authorization; and corresponded with customers away from the firm.
The State of Nevada found the allegations cited in Wells Fargo’s termination of Kraft to be grounds to suspend him from assuming any supervisory role for two years.
Moreover, Kraft is referenced in a customer initiated investment related complaint in which the customer sought $24,577.00 in damages based upon accusations that while Kraft was associated with Wells Fargo Financial Network, LLC, Kraft effected unsuitable mutual fund transactions in a customer’s investment account.