Former Wells Fargo Bay Area Investment Broker Michael Frew Barred by FINRA and the State of California from Securities Practice
The Financial Industry Regulatory Authority (“FINRA”) has barred Michael Frew, a San Francisco-based advisor and former employee of Wells Fargo Advisors, LLC, from employment with any FINRA brokerage firm after an investigation that Frew improperly converted millions of dollars in client investment funds for personal use.
Following his resignation from Wells Fargo in January 2014, an investigation was launched by FINRA into Frew’s potential Bay Area investment fraud. Frew was being investigated for allegedly soliciting money from clients to invest in a real estate developer in the San Francisco area. According to FINRA, Frew failed to completely and accurately respond to multiple requests for information. Excerpts from the May 2014 settlement agreement with FINRA outline Frew’s refusal to provide any additional information, ultimately leading to his employment bar from any FINRA-affiliated organization.
After Frew’s agreement with FINRA had been reached, the State of California entered into a Consent Order with Frew barring him from employment in the securities industry in California. Relying on the FINRA settlement letter, the Commissioner of the Department of Business Oversight in California found that the letter constituted sufficient grounds to bar Frew under the California Corporations Code.
Unfortunately, securities fraud and investment fraud do exist, and even savvy investors can be victims of fraud. If you or someone you know invested with Michael Frew or any other broker or advisor in the Bay Area and feel you may be a victim of securities fraud or investment fraud, it is important that you seek out qualified legal counsel as soon as possible. The attorneys at Dimond, Kaplan & Rothstein, P.A. have extensive experience dealing with investor fraud in the Bay area and in California. Contact us to set up a free consultation today.