On May 23, 2018, FINRA announced that it permanently barred former securities broker John Douglas Wade from associating with firms registered with FINRA in any capacity. FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates securities brokers and brokerage firms.
In a Letter of Acceptance, Waiver and Consent (AWC), FINRA stated it barred Wade because it investigated him and found that he stole customer funds form February 2013 through July 2017. Wade transferred funds form one of the customer’s checking accounts to his own mortgage account, said FINRA.
Wade had another customer withdraw funds from their account that they provided to Wade to invest in REITs, which Wade instead used to pay his mortgage, according to FINRA. In total, Wade allegedly stole $105,712 of customers’ funds.
Wade’s FINRA records indicate this was his first regulatory sanction but he had previously filed for bankruptcy in 2012.
Wade was a registered as a General Securities Representative with U.S. Bankcorp Investments, Inc. from May 2011 through February 2018 and has not been registered with a firm since.
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 have questions about losses you or someone you know suffered while investing with John Douglas Wade, 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. Most investors will be represented on a contingency fee basis, meaning there is no attorney fee if a recovery is not obtained.
