RBC Broker Barred In FINRA Investigation

Wayne Frederick Stutzer of Scottsdale Arizona a stockbroker formerly registered with RBC Capital Markets LLC has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Stutzer failed to respond to FINRA’s inquiry in regard to his activities. Case No. 2018059300001 (Nov. 5, 2018).

According to FINRA Public Disclosure, Stutzer was suspended by FINRA on November 5, 2018. FINRA apparently warned Stutzer that his failure to seek the termination of his suspension within three months of his Notice of Suspension date will automatically result in Stutzer being barred from the securities industry.

FINRA Public Disclosure reveals that Stutzer has been identified in three customer initiated investment related disputes containing accusations of his misconduct while employed with RBC Capital Markets LLC and Heritage West Securities. Specifically, on March 21, 2001, a customer filed an investment related complaint concerning Stutzer’s conduct where the customer requested $12,628.62 in damages supported by allegations that it was not suitable for the customer to have been placed in a variable annuity.

Subsequently, a customer initiated investment related complaint involving Stutzer’s activities was settled for $49,447.04 in damages founded on accusations that Stutzer made false or misleading statements to the customer about a variable annuity issued by Jackson National Life Insurance Company, inducing the customer to purchase the product. Thereafter, a customer filed an investment related complaint regarding Stutzer’s activities in which the customer sought $61,261.63 in damages based upon allegations that between November of 2013 and December of 2017, the customer received phony assurances from Stutzer about the returns that the customer would generate on her mutual fund holdings.

Stutzer’s registration with RBC Capital Markets LLC was terminated on December 31, 2017.