Earle Clement Tingley, a former registered representative with Wells Fargo, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was in violation of Rule 3240(a), assessed a deferred fine of $5,000 and suspended for 45 days.
According to FINRA, Tingley was a general securities representative of Wells Fargo Advisors (WFA) from January 2008 until May 2014. He registered with FINRA through Wells Fargo Advisors Financial Network (WFAFN). In May of 2018, WFAFN filed a U-5 form disclosing Tingley’s Termination. During his time with WFA, Tingley allegedly borrowed $35,000 from a customer without notifying or seeking approval from his firm. The findings also stated that Mr. Tingley did repay the customer prior to detection by his firm but did not document the loan or terms for repayment.
Without admitting or denying FINRA’s findings, Mr. Tingley consented to the sanctions and was suspended from association with any FINRA member for 45 days. The suspension was in effect from September 2018 through October 2018.
Private securities transactions between a broker and a customer violate NASD rules, particularly where such transactions are done without the knowledge and permission of the sales representative’s firm.
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 their broker’s private transactions, unsuitable trading and/or other misconduct can file claims to recover damages against broker-dealers, like Wells Fargo, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your Wells Fargo account due to private transactions involving your stockbroker? Was Earle Tingley your financial advisor? 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 Wells Fargo 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 email@example.com for answers to any of your questions about this blog post and/or any related matter.