Former Wells Fargo Advisor Suspended by FINRA for Unreported Brokerage Account

Posted on February 28th, 2024 at 4:11 PM
Former Wells Fargo Advisor Suspended by FINRA for Unreported Brokerage Account

From the desk of Jim Eccleston at Eccleston Law 

A former Wells Fargo advisor, Robert J. DeHayes, faced fines and suspension from the Financial Industry Regulatory Authority (FINRA) for maintaining an undisclosed outside brokerage account in his wife's name.

The 27-year industry veteran accepted a $10,000 fine and a six-month suspension, acknowledging a violation of FINRA's rule against advisors holding an account with a "beneficial interest" at another firm without employer approval. Additionally, DeHayes breached Rule 2010, which mandates "high standards" of conduct.

The unreported account, opened in his wife's maiden name in January 2012, coincided with Wells Fargo imposing restrictions on options trading in his accounts. Over the next nine years, DeHayes conducted trades, including those prohibited by Wells Fargo. DeHayes accepted the penalty without admitting or denying the findings and represented himself in the proceedings.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

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