Estimated reading time: 0 minutes, 30 seconds

Ex-Wells Fargo FA Suspended for Executing Trades for Dead Client Without Permission

A financial advisor that has already been booted by Wells Fargo has been suspended by FINRA for trading in a dead client’s account without permission. So reports Financial Advisor.

thumb down 1426814 640Michael McDermott of Mobile, Alabama, traded in a client’s account during the first four months of 2019 without permission. The trades were executed both before and after the client’s March 2019 death.

McDermott is also accused of falsifying notes, which, in turn, caused Wells Fargo to keep false records.

McDermott did not admit or deny guilt, but has agreed to a three-month suspension.

Read the full article from Financial Advisor.

Read 331 times
Rate this item
(0 votes)

Visit other PMG Sites:

click me
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.