David Sheldon Wells of Chicago Illinois a stockbroker formerly registered with Fifth Third Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he failed to provide documents to FINRA and failed to testify when he was investigated for misconduct while registered with Fifth Third Securities. Letter of Acceptance Waiver and Consent No. 2021071998001 (Sept. 20, 2021).
According to FINRA Public Disclosure, Wells voluntarily resigned from Fifth Third Securities while he was under investigation for misusing funds that had belonged to at least three customers of Fifth Third Securities. FINRA’s investigation into Wells’ conduct stemmed from this disclosure.
On August 17, 2021, FINRA asked for Wells to make an apperance on August 24, 2021 to testify about his activities with customers of Fifth Third Securities. He was also asked to provide FINRA with documents on August 24, 2021. Wells failed to respond. He never showed up to testify either.
FINRA made another attempt at getting Wells to testify and provide documents. Wells received instructions from FINRA to testify on August 31, 2021. He was asked to give documents to FINRA by September 1, 2021. The regulator indicated that Wells turned nothing over by the deadline and had again failed to testify. The AWC stated that Wells subsequently reached out to FINRA to relay that he would not comply with its investigation. FINRA found that Wells violated Rules 2010 and 8210.
Wells was registered with Fifth Third Securities between June 6, 2019 and July 16, 2021.
