Christopher Todd Wendel of Celina Ohio a stockbroker formerly employed by SA Stone Wealth Management Inc. has been ordered to cease and desist from violating securities laws or regulations by Ohio Division of Securities supported by allegations that (1) the stockbroker offered or sold securities without having been registered as a stockbroker in the State of Ohio and (2) he offered or sold unregistered and non-exempt promissory notes securities to one or more Ohio residents. Division Order No. 19-018 (Aug. 20, 2019).
This is not the first time that Wendel has been sanctioned by a securities regulator based upon accusations of the stockbroker’s bad business practices in the securities industry. Specifically, Wendel has been barred by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity founded on allegations that the stockbroker violated FINRA Rules 2010 and 3280 by engaging in private securities transactions pertaining to promissory notes while the stockbroker was registered with SA Stone Wealth Management; and violated FINRA Rules 8210 and 2010 by providing false responses to FINRA during the time that he was under investigation. Letter of Acceptance Waiver and Consent No. 2017055476801 (June 1, 2018).
FINRA Public Disclosure confirms that Wendel is referenced in six customer initiated investment related disputes in regard to the stockbroker’s violative conduct during the period in which he was associated with securities broker dealers including SA Stone Wealth Management, WRP Investments and American Express Financial Advisors. Specifically, a customer initiated investment related arbitration claim in regard to Wendel’s activities was settled for $90,000.00 in damages supported by accusations that when Wendel was employed by WRP investments, real estate securities and mutual funds traded by the stockbroker were not suitable given the customer’s objectives; and the customer’s assets were tied up in illiquid investments contrary to the customer’s needs.
An additional customer initiated investment related arbitration claim concerning Wendel’s conduct was resolved for $67,500.00 in damages based upon allegations that during the time that Wendel was registered with SA Stone Wealth Management, transactions failed to be reasonably supervised by the securities broker dealer; and direct participation program interests or limited partnership interests recommendations were unsuitable for the customer given the customer’s objectives for investing, tolerance for risk or financial needs. FINRA Arbitration No. 18-00609 (Nov. 8, 2018). In addition, Wendel is the subject of a customer initiated investment related arbitration claim where the customer requested $100,001.00 in damages founded on accusations that omissions and misrepresentations had been made to the customer by the stockbroker regarding the terms, conditions, risks, or status of investments; and the customer was poorly advised with respect to promissory notes which Wendel steered the customer towards while the stockbroker was associated with SA Stone Wealth Management FINRA Arbitration No. 19-01092 (May 6, 2019).
Wendel was discharged by SA Stone Wealth Management on September 5, 2017 supported by allegations that Wendel violated the securities broker dealer’s policies and procedures as securities transactions were effected by the stockbroker outside the auspices of the securities broker.
