Articles Posted in Wells Fargo

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The Financial Industry Regulatory Authority (“FINRA”) has barred broker Scott Wayne Reed from the securities industry over allegations that Mr. Reed, while associated with Wells Fargo, participated in private securities transactions totaling at least $3.5 million without providing prior written notice to his firm.

Mr. Reed was a financial advisor with Wells Fargo Clearing Services (“Wells Fargo”) in Scottsdale, Arizona, from April 2016 until April 2020.  Mr. Reed was permitted to resign after a customer alleged that Mr. Reed recommended and facilitated investment opportunities in investments sold away from and not offered by Wells Fargo.

Wells Fargo appears to have denied any compensation to the complaining customer.

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FINRA has barred stockbroker Christopher B. Black from the securities industry.  FINRA handed down the expulsion because Mr. Black refused to provide information and documents connected with FINRA’s investigation into whether Mr. Black entered into undisclosed loan arrangements with a customer.  Mr. Black was a financial advisor at LPL Financial LLC in Statesboro, Georgia, from October 2017 until his employment was terminated in April 2020 for violating firm policy for not disclosing the loan arrangements.  Mr. Black has also been affiliated with the following business entities:  Renasant Financial Services and LPL Business.

Mr. Black has also been the subject of three customer complaints while employed by LPL Financial LLC.   First, in April 2020, a customer alleged that Mr. Black recommended the purchase of bonds that were not suitable for the investor.   A second customer filed a complaint in July 2020, also alleging misrepresentation and unsuitable recommendations regarding the purchase of bond investments.  Third, a customer filed a complaint in October 2020, which alleged that Mr. Black misappropriated funds between August 2019 and April 2020.  No further details are publicly available regarding this pending complaint.

Before his employment with LPL Financial LLC, Mr. Black was a financial advisor at Wells Fargo in St. Simons Island, Georgia, from November 2013 until September 2017.

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