FINRA recently barred former securities broker Dallas York from associating with firms registered with FINRA. FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates securities brokers and brokerage firms.
FINRA announced the bar in its order publicly released on April 16, 2018. FINRA stated in the order that it barred York because he failed to provide documents and information in response to two FINRA requests during an investigation. FINRA was investigating the circumstances for Wells Fargo recently terminating York.
York registered as a General Securities Representative with Wells Fargo in April 2015. On October 24, 2017, Wells Fargo disclosed that it fired York because its investigation found he debited a customer’s bank account for multiple cashier’s checks made out to cash. Wells Fargo said it investigated York after a customer alleged funds were withdrawn from his bank account without his knowledge or consent.
Brokerage firms have a duty to reasonably supervise their brokers to ensure they do not commit misconduct. Customers have the right to file claims against brokerage firms to pursue losses caused by a firm’s inadequate supervision.
If you believe Dallas York caused you losses through negligence or fraud that Wells Fargo could have prevented through reasonable supervision, contact Marquardt Law Office LLC to receive a free phone consultation.
Marquardt Law Office LLC is a securities law firm that represents investors nationwide who have suffered losses due to misconduct such as fraud and negligence.
