Wells Fargo Advisors Stockbroker Fined For Unauthorized Trading
Robert Tuffy, of East Brunswick, New Jersey, a stockbroker with Wells Fargo Advisors, LLC, was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in the unauthorized trading in a customer account. Letter of Acceptance, Waiver and Consent, No. 2015047200201(July 27, 2016).
According to the AWC, on July 30, 2015, at a time when Duffy was associated with Wells Fargo, he effected a total of six trades in two accounts belonging to customer JA. Apparently, JA never provided Tuffy with authority to enter into such trades. FINRA found that Tuffy violated FINRA Rule 2010 as a result of acting without proper discretion in the customer’s account.
Public disclosure records reveal that Tuffy has been subject to five disclosure incidents. On February 8, 2010, Tuffy settled a customer dispute for $70,000.00 with several New Jersey claimants who had alleged that Tuffy engaged in unsuitable and excessive transactions in the customers’ accounts.
On August 24, 2015, Tuffy became subject to a pending customer dispute, in which the customers alleged that Tuffy engaged in excessive trading in the customers’ account(s) while disregarding the objectives of the customers. Additionally, the customers alleged that Tuffy had purchased investments for the customers that were not actually suitable.
On September 16, 2015, Tuffy was named in another customer dispute in which a client alleged that improper management in the customer’s account led the customer to bear financial losses. On October 29, 2015, Wells Fargo terminated Tuffy in connection with his unauthorized discretionary trading.
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