Wesley Clint Smith, of Lumberton, Texas, a stockbroker previously registered with Edward Jones, has been subject to a customer initiated investment related arbitration claim from November 17, 2015, in which the customer requested $9,000.00 in damages based upon allegations that Smith’s unauthorized distribution of the customers’ funds caused the customer to bear tax liabilities.
On November 4, 2014, Smith was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after FINRA held that Smith did not provide FINRA with a response concerning requested documentation or information.
FINRA Public Disclosure reveals that Smith has been subject to seven additional customer arbitrations. Particularly, on August 18, 2014, a customer initiated investment related arbitration action involving Smith’s conduct was settled for $6,500.00 in damages based upon allegations that Smith never added investments to the customers’ portfolio after claiming to have purchased such for the customer.
On September 9, 2014, another customer initiated investment related arbitration claim involving Smith’s actions was resolved for $2,000.00 in damages based upon allegations that Smith effected transactions in the customer’s account without proper authorization. Subsequently, on September 15, 2014, a customer initiated investment related arbitration claim involving Smith’s actions was settled for $9,769.45 in damages based upon allegations that Smith took monies out of the customer’s investment account on four occasions without the customer’s approval.
On September 17, 2014, another customer initiated investment related arbitration claim involving Smith’s conduct was settled for $15,000.00 in damages based upon the customer’s allegations that Smith misappropriated funds from the customer’s account on three separate occasions between November of 2013 and January of 2014.
On September 17, 2014, a customer initiated investment related arbitration action involving Smith’s conduct was resolved for $5,600.00 in damages based upon allegations that Smith never provided investments in gold coins to the customer after the customer purchased them. Further, on January 22, 2015, a customer initiated investment related arbitration action was settled after Smith was alleged to have misappropriated the customer’s funds.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
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