Drew Carson Stegman of Saint Louis, Missouri, a stockbroker registered with Wells Fargo Clearing Services LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Stegman failed to testify during the time that FINRA investigated the stockbroker for possible violations of FINRA rules during the time that he was associated with Wells Fargo Clearing Services Inc. Letter of Acceptance, Waiver, and Consent No. 2022075867001 (July 17, 2023).
FINRA investigated Stegman based on an anonymous tip. The regulator’s investigation focused on Stegman’s possible promotion of penny stocks through social media platforms.
On June 29, 2023, Stegman was called in to give testimony as part of FINRA’s investigation. However, in the middle of the testimony, he stopped answering any more questions. He stated that he wouldn’t help FINRA by testifying in the future, admitting that this was a violation of FINRA Rule 8210.
This stockbroker was made aware that Rule 8210 mandated his cooperation with FINRA’s investigations, and breaking it could lead to sanctions, such as being barred from working in the securities industry. Therefore, by refusing to testify, Stegman violated FINRA Rules 8210 and 2010.
Stegman has been registered with Wells Fargo Clearing Services LLC as a stockbroker since January 9, 2023.
