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
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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