A broker for Wells Fargo Advisors was terminated from the firm for excessive trading in his personal account, according to a report by Advisor Hub.
Roger A. Graham, who was based in San Antonio, Texas, was discharged this past February. The details were listed on his FINRA Form U5, a notice of employment separation which tracks the employment history of registered representatives and the circumstances as to why their registration with a firm terminated.
Wells Fargo wrote that Graham admitted to the excessive trading that was “contrary to prior FINRA imposed trading limit set with advisor.” FINRA requires firms to keep track of trading by their brokers, but the authority said there was no evidence that Graham’s trading had harmed any customers.
The AdvisorHub report noted that this is not often a cause for termination because a reprimand or formal trading limits are usually issued before firms take the step of firing the broker. But excessive trading in their own accounts can raise concerns about whether the broker’s customers are being adequately served.
Graham did not have any other discipline on his BrokerCheck record, and has now started his own investment advisory firm in San Antonio. A spokesperson for Wells Fargo was quoted as saying the firm stands by what it wrote on Graham’s U5.
If you have reason to believe you may be, or if you have already been, terminated by your firm, you should immediately seek experienced counsel since the termination could result in a Form U5 filing that may impact your ability to obtain employment elsewhere. The attorneys at Hyman Cotter PC blend industry and regulatory experience when representing financial professionals in Form U5 disputes and other related concerns. If you would like more information about our services in these matters, we invite you to contact us at 312-291-4600 or through our online contact form to schedule a free consultation.
