David Jeremy Welty of Norristown Pennsylvania is a former Wells Fargo Clearing Services LLC stockbroker who has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he converted customer funds. Letter of Acceptance Waiver and Consent No. 2016052638401 (Jan. 19, 2017).
According to the AWC, in October 2015, Welty established an account at Wells Fargo Bank for a memorial fund wherein $8,700.00 in donations had been deposited. Evidently, those funds had been transferred by Welty to Welty’s own banking account, where he utilized the money to pay off personal expenses that he incurred. FINRA found that Welty’s conduct was violative of FINRA Rule 2010.
Welty was fired from Wells Fargo Advisors, LLC on December 9, 2016, supported by accusations of his unlawful use of a customer’s funds for Welty’s personal benefit.
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