The Financial Industry Regulatory Authority (FINRA) has barred Wells Fargo (WFC) broker Edward O. Daniel, after he failed to participate in a probe into allegations that he made unsuitable investments for one client. Daniel, a Texas-based broker, was with Wells Fargo Advisers for seven years before he stepped down in September 2016. He was a longtime broker of 41 years.
Soon after Daniel resignation two years ago, Wells Fargo disclosed that a customer had filed an arbitration complaint accusing him of making unsuitable investments over a several-year period. The dispute was resolved for $225K. His BrokerCheck record documents that Daniel has been named in eight disclosures, all involving complaints by customers.
Now, FINRA is barring him because he would not cooperate in the self-regulatory authority’s investigation into the unsuitable investment allegations.
Previous to working with Wells Fargo, Daniel worked as a broker for Morgan Stanley (MS) and Prudential Securities. He also was previously with Bache & Co.
It was just recently that FINRA barred another Texas-based Wells Fargo broker, J. Gordon Glautier, who is based in Dallas in the Frisco area. He did not respond to a number of overtures by the SRO to talk to him about its investigation into allegations that he tried to make an unauthorized trade and asked a client for a loan.
Cloutier was a Wells Fargo broker for seven years. The broker-dealer fired him in 2016.
Previously, Cloutier was a Merrill Lynch broker for 13 years. Merrill Lynch is now a Bank of America (BAC) division.
FINRA imposes bars on broker that fail to participate in its investigations into their alleged misconduct.
Texas Broker Fraud
At Shepherd Smith Edwards and Kantas, our Texas broker fraud law firm represents investors throughout the state that have sustained significant losses due to fraud and other misconduct. We have helped thousands of investors to get their money back. We also have successfully gone after the brokerage firms that were negligent in inadequately supervising brokers or for hiring rogue brokers with a history of wrongdoing. If you believe you may have grounds for a broker-dealer fraud case or a broker fraud claim, contact our Texas investor lawyers today.
Edward Daniel, BrokerCheck
More Blog Posts:
Dallas, Texas-Based Wells Fargo Broker Expelled by FINRA, August 30, 2018
FINRA Bars Former JP Morgan, Stifel Nicolaus, and Benjamin & Jerold Brokers, September 11, 2018
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient’s state. The content of this Website contains general information and may not reflect current legal developments, verdicts or settlements. The Firm expressly disclaims all liability in respect to actions taken or not taken based on any or all the contents of this Website. Read More.