Richard Ohrn, a former general securities rep with Wells Fargo Advisors, LLC, was permanently barred from associating with any FINRA member capacity after consenting to FINRA findings that Ohrn had converted customer funds, forged/falsified documents, caused his firm’s records and books to be false, and guaranteed a customer against financial loss. FINRA Department of Enforcement v. Richard Winsor Ohrn, No. 2012030987301 (Apr. 28, 2015).
According to the Order Accepting Offer of Settlement, from February to May of 2011, Ohrn had converted $15,250 from two elderly clients at both Chase Investment Services Corp. (“CISC”) and clients of CISC’s affiliated bank, JP Morgan Chase Bank, N.A. Ohrn, according to the Order, would simply not return funds that he withdrew fraudulently from bank accounts of his customers in connection with withdrawals coming from the elderly customers’ investment accounts. FINRA found this conduct to be in violation of FINRA Rules 2010 and FINRA Rules 2150(a).
The Order further indicated that from January of 2010 through May of 2011, Ohrn had falsified or forged signatures of four of CISC’s clients via 9 documents, including investment account applications, withdrawal slips, and transfer on death agreements. Ohrn subsequently submitted such documents to CISC or JP Morgan Chase Bank. FINRA found this conduct to be in violation of FINRA Rule 2010.
According to the Order, FINRA found that from January through March of 2010, Ohrn had caused books/records to CISC to be false via willfully changing account addresses of record for at least 3 customers from their home addresses to the address of the CISC branch in which Ohrn was working from. FINRA found this conduct to be in violation of FINRA Rule 2010 and NASD Rule 3110(a).
Finally, the Order states that Ohrn, in May of 2012, guaranteed that one of his customers, while working at Wells Fargo Advisors, LLC, would not be subject to a $9,000 loss incurred via premature surrender of an Ohio National Life variable annuity contract. FINRA found this conduct to be in violation of FINRA Rules 2010 and 2150(b).
Public disclosure records reveal that Ohrn has been subject to at least 6 public disclosure records. Notably, on August 8, 2012, Wells Fargo Advisors, LLC terminated Ohrn via discharge based on allegations that Ohrn provided inconsistent explanations concerning a cashier’s check which was issued to a customer. On August 19, 2014, Ohrn settled a customer dispute for $7,000.00 after a client alleged that a signature on a withdrawal ticket was not authentic.
Firms and individuals, quite obviously, are prohibited from unauthorized use or borrowing of a customer’s funds or securities, forgery, non-disclosure or misstatement of material facts, and manipulations and various deceptions. These activities are also subject to the civil and criminal laws and sanctions of federal and state governments.
Guiliano Law Group
If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esq., and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.
