Frank Tegge, a registered representative formerly employed with Wells Fargo Advisors, LLC, submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he exercised discretion in customer accounts without the necessary prior written authorization.
FINRA found that Frank Allen Tegge, of DeWitt, Michigan, failed to obtain the necessary written authorization from his customer or his member firm when he exercised his discretion and placed orders in customer’s accounts. According to FINRA, Mr. Tegge placed 64 discretionary transactions in two customer accounts without written authorization from the customer. Further, FINRA found that Mr. Tegge executed a discretionary transaction in another customer’s account without the customer’s prior authorization, placing the trade after speaking with the spouse, who had no authority to authorize any trading in the account. Continue Reading