Securities Arbitration Lawyer Blog
FINRA has barred former Fifth Third Securities, Inc. broker David Wells from the securities industry. Mr. Wells consented to the sanction and to the entry of findings that he failed to appear for on-the-record testimony or to produce documents requested by FINRA in connection with its investigation into his potential misconduct while at Fifth Third Securities.
Mr. Wells “voluntarily resigned” from Fifth Third Securities after he admitted to misappropriating funds from three clients.
If you have suffered investment losses with David Wells, or Fifth Third Securities, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.
FINRA Letter of Acceptance, Waiver, and Consent No. 2021071998001
David Wells and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on September 20, 2021, after FINRA alleged that Mr. Wells failed to appear for on-the-record testimony or to produce documents requested by FINRA pursuant to FINRA Rule 8210, in violation of FINRA Rules 8210 and 2010.
FINRA indicated that this matter originated from a Form U5 filed by Fifth Third Securities on July 16, 2021.
FINRA Rule 8210(a)(1) states that FINRA may require a person subject to its jurisdiction “to testify at a location specified by FINRA staff, under oath or affirmation” and to permit FINRA staff to inspect and copy books and records that are in the person’s possession, custody, or control, with respect to any matter involved in a FINRA investigation. FINRA Rule 8210(c) further states that “[n]o … person shall fail to provide information or testimony or to permit an inspection and copying of books, records, or accounts pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires member firms and their associated persons to “observe high standards of commercial honor and just and equitable principles of trade.”
On August 17, 2021, in connection with an investigation into Mr. Wells’ potential misconduct while at Fifth Third Securities, FINRA sent a request to him to provide on-the-record testimony and a request to produce documents pursuant to FINRA Rule 8210. Mr. Wells failed to appear for his testimony and provide documents. On August 24, 2021, FINRA sent a second request for Mr. Wells to provide testimony. On August 25, 2021, FINRA also sent a second request for Mr. Wells to produce documents. Mr. Wells again failed to appear for his testimony and to provide documents. On September 3, 2021, Mr. Wells emailed FINRA and stated that he would not be cooperating in FINRA’s investigation.
By failing to appear for on-the-record testimony and to produce documents as requested pursuant to FINRA Rule 8210, Mr. Wells violated FINRA Rules 8210 and 2010.
David Wells (CRD#: 6774493)
Mr. Wells was registered with Fifth Third Securities in Chicago, Illinois, between June 6, 2019, and July 16, 2021.
Mr. Wells first became registered with FINRA through his association with Merrill Lynch between June 26, 2017, and June 12, 2019.
Mr. Wells is not currently registered or associated with a FINRA member. However, he remains subject to FINRA’s jurisdiction pursuant to Article V, Section 4 of FINRA’s By-Laws.
How to Recover Losses or Obtain a Free Consultation
If you have suffered investment losses with David Wells, or Fifth Third Securities, contact New York securities arbitration lawyer Jorge Altamirano of Iorio Altamirano LLP at jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.