Edward Oda Daniel of Fort Worth Texas a stockbroker formerly employed by Wells Fargo Advisors LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into accusations of his potential unsuitable investment recommendations to customers of Wells Fargo. Letter of Acceptance Waiver and Consent No. 2015045713303 (Sept. 7, 2018).
According to the AWC, FINRA sent Daniel a letter on June 18, 2018, requesting that he provide documentation and information to FINRA concerning his sales practices, according to Rule 8210.
The AWC revealed that Daniel was sent another letter from FINRA on July 8, 2018, instructing Daniel to completely respond to the regulator’s request. FINRA reportedly provided Daniel additional time to cooperate; however, on July 16, 2018, Daniel’s counsel reached out to FINRA, confirming that Daniel understood what FINRA asked of him but would at no point be providing the information requested of him. FINRA found Daniel’s failure to cooperate in this respect to be violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Daniel is referenced in eight customer initiated investment related disputes containing allegations of his violative conduct during the time that he was associated with Prudential Securities Inc. and Morgan Stanley. Specifically, Daniel was subject of a customer initiated investment related arbitration claim where the customer was awarded $8,750.00 in damages based on Daniel being found liable on the customer’s claims of churning an individual retirement account and mismanaging the customer’s investments. National Association of Securities Dealers (NASD) Arbitration No. 95-00543. Evidently, Daniel recommended that the customer’s assets be placed in growth stocks despite the customer having informed him that the customer’s goal was to preserve capital and generate income. Daniel was found to have caused the customer substantial losses.
On August 13, 2001, another customer filed an investment related complaint regarding Daniel’s conduct in which the customer requested $50,000.00 in damages founded on accusations that unit investment trust and mutual fund transactions were executed in the customer’s account that were not suitable for the customer. Then, on May 24, 2005, a customer filed an investment related complaint involving Daniel’s activities where the customer sought $35,000.00 in damages supported by allegations that Daniel failed to abide by the customer’s instructions.
Subsequently, a customer initiated investment related arbitration claim involving Daniel’s activities was settled for $225,000.00 in damages based upon accusations that transactions were effected in the customer’s account that failed to be appropriate for the customer. FINRA Arbitration No. 16-02972 (Jan. 8, 2016).
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