Wells Fargo Stockbroker Barred By FINRA For Conversion
Thomas A. Davis of Hilton Head Island South Carolina a stockbroker formerly employed by Wells Fargo Advisors LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a Default Decision containing findings that Davis converted funds from customers and failed to cooperate with FINRA’s investigation into his activities. Department of Enforcement v. Thomas A. Davis Disciplinary Proceeding No. 2016050741702 (Oct. 9, 2018).
According to the Decision, Davis had been a branch manager and personal banker at the Hilton Head Wells Fargo location. Evidently, Wells Fargo revealed to FINRA personnel within a Form U5 that Davis had been terminated by the firm on June 29, 2016 because of him purportedly establishing and funding accounts owned by Wells Fargo customers, only to withdrawal nearly all of the customers’ funds, taking customers’ funds without their permission.
The AWC stated that FINRA initially launched an investigation into Davis’ activities, seeking that Davis provide testimony under Rule 8210. Davis never appeared for testimony despite numerous reminders from FINRA personnel. FINRA reportedly made another request for Davis’ testimony but to no avail. Eventually, FINRA filed a Complaint against Davis but he never provided an Answer or otherwise responded to the Complaint. FINRA’s Hearing Officer ultimately found Davis in default, and concluded that Davis had converted customer funds and obstructed a FINRA investigation.
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