Darnell Kenneth Mote of Jacksonville Florida a stockbroker formerly registered with Wells Fargo Advisors LLC has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in an undisclosed outside business activity while employed by Wells Fargo. Letter of Acceptance Waiver and Consent No. 2015048372201 (Aug. 3, 2018).
According to the AWC, during the time that Mote was associated with Wells Fargo, he was subject of Wells Fargo’s procedures and policies which called upon Mote to provide notification of, and obtain approval for, any outside business activities that he intended to pursue. Yet, during Mote’s employment, he reportedly engaged in undisclosed outside business activities.
The AWC stated that Mote established a limited liability company, M & M Financial Group, LLC in February 2015 with his business partner and co-manager. The aim of M & M Financial Group was apparently to conduct financial seminars, and Mote and his partner held one in June 2015. Evidently, the company had been managed by Mote between February 2015 to November 2015, all without Mote ever notifying the firm. FINRA found Mote’s conduct in this regard to be violative of FINRA Rules 2010 and 3270.
Mote was terminated by Wells Fargo Advisors, LLC on November 4, 2015, apparently during the time that he had been under investigation by the firm for allegedly supplying a third party with confidential information about a Wells Fargo Bank customer. In so doing, according to Wells Fargo, the customer incurred losses.
Mote has been registered with NYLife Securities LLC since January 13, 2016.
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