Darrell Anthony Smith Jr of Memphis Tennessee a stockbroker formerly registered with Wells Fargo Clearing Services has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he failed to cooperate with FINRA personnel during the time that he was investigated for allegedly effecting unauthorized transactions in customer accounts. Letter of Acceptance Waiver and Consent No. 2020065527102 (Feb. 24, 2021).
According to the AWC, on February 5, 2020, FINRA received word from Wells Fargo Clearing Services that Smith had been terminated from the securities broker dealer. Wells Fargo indicated that Smith allegedly executed transactions or payments relating to customer accounts and that the customers did not authorize those transactions.
The AWC indicated that an investigation into Smith’s activities started after FINRA received Wells Fargo’s termination notice. On January 25, 2021, Smith was asked by FINRA to provide recorded testimony in response to Wells Fargo’s accusations. On January 26, 2021, the regulator received an email from Smith to confirm that he received FINRA’s request and would not testify in its investigation. FINRA determined that Smith’s failure to testify was violative of FINRA Rules 2010 and 8210.
Smith was registered with Wells Fargo Clearing Services between June 7, 2017 and January 6, 2020.
