The Financial Industry Regulatory Authority has barred former Wells Fargo broker J. Gordon Cloutier Jr., who was fired for allegedly asking a client for a loan and attempting to make an unauthorized trade. In the brokerage industry, borrowing money from clients is generally strictly prohibited.
The Texas-based broker worked at Wells Fargo Advisors in Frisco, Texas, as a registered representative for seven years until he was fired in October 2016. After the firing, FINRA reached out to J. Gordon Cloutier to investigate his conduct, but Cloutier never responded to the regulator. FINRA barred Cloutier after he failed to respond to numerous attempts to reach him for an interview.
FINRA’s policy is to open an investigation after a broker is let go from a firm. Lack of broker cooperation often leads to action by the regulator. In this case, tossing the broker from the securities industry.
Wells Fargo Subject of Regulatory Heat
Wells Fargo has been in the news lately as a result of broker misconduct and several scandals involving Wells Fargo brokers who also came forward accusing the bank of pressuring them to sell high-fee products to increase revenue.
Last year, Wells Fargo bank was involved in a scandal accusing the bank of opening up millions of unauthorized bank accounts throughout the United States.
Have You Lost Money with a Wells Fargo broker?
Did you lose money investing with Wells Fargo or think you may have been misled by a Wells Fargo broker? Investors who are victims of stockbroker fraud may find that they have grounds for financial recovery and compensation, not just from the financial representative, but also from the bank or firm where the individual worked. Contact an experienced investment fraud attorney today to learn more.
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If you are looking for an investment fraud attorney to review your rights and options, the investment fraud lawyers at Dimond Kaplan & Rothstein, P.A. represent individual and institutional investors who have lost money as a result of investment fraud or stockbroker misconduct.
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