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Marcus Duane Parker, former Wells Fargo broker, Barred During Investigation into Possible Theft

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On February 16, 2018, FINRA announced that it barred securities broker Marcus Duane Parker from associating with firms registered with FINRA.  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 Parker when he failed to respond to a request for information during FINRA’s investigation.  FINRA was investigating Wells Fargo’s termination of Parker.  Wells Fargo terminated Parker on December 12, 2017 for his alleged “failure to appear for an interview and be questioned about misappropriations from client accounts,” according to the AWC.

Marcus Parker entered the securities industry in 1982.  He was registered as an Investment Adviser Representative and General Securities Representative with Wells Fargo from September 2008 through December 2017.

Brokerages, like Wells Fargo, have a duty to supervise their brokers to ensure they do not violate securities rules.  This includes ensuring brokers do not steal customers’ funds.

Customers can pursue claims to recover their losses from brokerages who inadequately supervise their brokers.  Moreover, courts and arbitrators may hold firms jointly responsible for their brokers’ misconduct.

If you suffered losses while investing with Marcus Duane Parker, contact Marquardt Law Office LLC to speak with a securities attorney and receive a free case evaluation.

Marquardt Law Office LLC is a securities law firm located in Chicago, IL that represents clients nationwide who have suffered losses due to misconduct such as fraud and negligence.

Adam J. Marquardt

Adam Marquardt represents investors in securities litigation claims such as unsuitable investments, negligence, and fraud. He is dedicated to recovering financial losses for investors, primarily through FINRA arbitration. Adam’s background includes experience as a FINRA regulator, an accountant and auditor, and an attorney who recovered $8 million litigating cases involving fraudulent financial practices. Adam previously passed the Certified Public Accountant (CPA) exam and is an attorney licensed in Illinois.

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