SA Stone Stockbroker Barred for Engaging in Private Securities Transactions

Christopher Todd Wendel submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he was barred by the Financial Industry Regulatory Authority (FINRA) for allegedly providing false declaration, a false on-the-record testimony, and engaging in private securities transactions all in violation of FINRA Rules 3280, 2010 and 8210.

From September 2014 to September 2017, Christopher Wendel was employed by SA Stone Wealth Management (SA Stone) as a General Securities Representative. According to FINRA, between April and August of 2017, Wendel was accused of engaging in private securities transactions without providing notice or receiving approval from his member firm. FINRA stated that Wendel solicited four investors to purchase promissory notes in a purported real estate investment fund totaling $343,500 while he received over $10,000 in commissions. The findings also stated that FINRA requested information regarding the transactions, and Wendel provided a signed declaration falsely stating that his participation in these sales occurred after his association with the firm ceased.

Without admitting or denying FINRA’s findings, Christopher Todd Wendel has been barred from association with any FINRA member in all capacities.

Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from private securities transactions, and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like SA Stone, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.

Have you suffered losses in your SA Stone account due to private securities transactions by your broker? Was Christopher Todd Wendel your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against SA Stone stockbrokers who may have engaged in broker misconduct and caused investors’ losses.

The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.