Securities Arbitration Lawyer Blog
FINRA has barred former Vorpahl Wing Securities broker Lee Nordstrom from the securities industry. Nordstrom consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA during the course of an investigation into whether he engaged in potential unsuitable and excessive trading in several customer accounts.
If you have suffered investment losses with Lee Nordstrom, or Vorpahl Wing 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. 2020065149801
Lee Victor Nordstrom and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on October 1, 2021, after FINRA alleged that Nordstrom refused to appear for on-the-record testimony requested by FINRA pursuant to FINRA Rule 8210, in violation of FINRA Rules 8210 and 2010.
FINRA indicated that the matter originated from the 2020 cycle examination of Vorpahl Wing Securities. In January 2021, FINRA commenced an investigation into whether Nordstrom engaged in potential unsuitable and excessive trading in several customer accounts.
FINRA Rule 8210(a)(1) and (2) state, in relevant part, that FINRA has the right to “require a … person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically… and to testify at a location specified by FINRA staff … with respect to any matter involved in the investigation, complaint, examination, or proceeding.” FINRA Rule 8210(c) provides that “[n]o member or person shall fail to provide information or testimony … pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade.”
On August 5, 2021, in connection with its investigation into Nordstrom’s potential misconduct, FINRA staff sent a request to Nordstrom for on-the-record testimony pursuant to FINRA Rule 8210. Nordstrom communicated to FINRA that he would not appear for on-the-record testimony at any time.
By refusing to appear for on-the-record testimony as requested pursuant to FINRA Rule 8210, Nordstrom violated FINRA Rules 8210 and 2010.
To learn more about unsuitable trading, visit our suitability page.
To learn more about high-volume trading, visit our excessive trading page.
Lee Victor Nordstrom (CRD#: 2248261)
Lee Victor Nordstrom was most recently registered with LPL Financial LLC between June 2020 and November 2020.
Between June 2013 and May 2020, Nordstrom was registered with Vorpahl Wing Securities. He was discharged from Vorpahl Wing Securities and his registration terminated in May 2020 for his “failure to adhere to Firm suitability policy with respect to quantitative suitability.”
Nordstrom’s public CRD shows a prior customer dispute on November 5, 2020, alleging excessive trading and overconcentration in two stocks. The matter settled.
Nordstrom’s CRD also shows a FINRA investigation on August 11, 2020, over “unauthorized trades inside of an IRA Account. The trades were placed four days after the owner was deceased. The beneficiary – surviving spouse, did not authorize the trades.”
In addition to the Vorpahl Wing Securities disclosure, Nordstrom’s CRD shows another employment-related disclosure dated September 2, 2011, which indicates that he voluntarily resigned from Wells Fargo Advisors over allegations that he may have been “exercising discretion in customer’s accounts without proper written authorization.” Nordstrom stated in the broker comments section of the disclosure that “the issue had been investigated and reviewed by FINRA and dismissed.” He was registered with the firm between July 2003 and September 2011.
Nordstrom first became registered with FINRA in 1992.
How to Recover Losses or Obtain a Free Consultation
If you have suffered investment losses with Lee Nordstrom, or Vorpahl Wing 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.