Securities Arbitration Lawyer Blog
FINRA has suspended former Wells Fargo Advisors broker Gary Len Wells from the securities industry for 15 months for accepting a $600,000 bequest from a non-family member. He was also fined $20,000.
Mr. Wells’ suspension runs from May 3, 2021, until August 2, 2022.
If you have lost money with Gary Len Wells, or Wells Fargo Advisors Financial Network, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
Iorio Altamirano LLP represents investors in disputes with their financial advisors and brokerage firms, such as Wells Fargo Advisors Financial Network.
FINRA Letter of Acceptance, Waiver, and Consent (“AWC”)
Gary Len Wells and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on April 29, 2021, over findings that Mr. Wells accepted three bequests from the estate of an elderly customer in violation of Wells Fargo Advisors and Wells Fargo Advisors Financial Network, LLC procedures, which prohibited brokers from accepting bequests from non-family members.
The AWC indicates that Mr. Wells had a long-time customer who named him as a beneficiary and fiduciary in her will. In 2012, Wells Fargo Advisors compliance personnel contacted Mr. Wells regarding a complaint received from the customer’s brother indicating that Mr. Wells was named in a fiduciary capacity and as a beneficiary in the customer’s will. The firm instructed Mr. Wells to have himself removed from the fiduciary and beneficiary designations and further instructed Mr. Wells that if the client refused to remove him that he should decline the appointments.
On December 4, 2014, following the death of the customer at age 92, Mr. Wells received a bequest in the form of a wire transfer from the customer’s estate to his Wells Fargo Advisors brokerage account. The firm reversed the transfer of funds and informed Mr. Wells in writing that he would not be allowed to receive assets as a bequest from a non-family member. After the firm informed him that he could not accept such funds, Mr. Wells then proceeded to accept three separate bequests from the customer’s estate by check.
In February 2015, Mr. Wells became associated with Wells Fargo Advisors Financial Network, LLC. Mr. Wells concealed the fact that he was the beneficiary and had received bequests from the customer’s estate by making false statements on the firm’s compliance questionnaire in 2016. Specifically, Mr. Wells falsely stated that he was not the beneficiary of the will of a customer and that he had not received an inheritance from the will of a customer.
According to the AWC, Mr. Wells circumvented the firms’ written supervisory procedures from December 4, 2014, through January 22, 2016. In doing so, he violated FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principles of trade.
Gary Len Wells (CRD#: 1142058)
Mr. Wells has 37 years of experience in the securities industry. He was registered as a broker with Wells Fargo Advisors Financial Network, LLC between February 2015 and January 2020 and with Wells Fargo Advisors between January 2008 and February 2015.
Mr. Wells was most recently registered with American Wealth Management, Inc. between March 2020 and April 2021.
How to Recover Losses or Obtain a Free Consultation
If you have lost money with Gary Len Wells, or Wells Fargo Advisors Financial Network, contact FINRA arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, 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.