Christopher J. Pierce, of Exton, Pennsylvania, a representative with Wells Fargo Advisors, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that converted customer funds.
According to the AWC, on March 1, 2016, Pierce had issued a Wells Fargo client a debit card, without the client having knowledge or consenting to such. Subsequently, Pierce utilized the card in the course of making an unauthorized $1,380.00 in withdrawals from an ATM. The AWC stated that Pierce’s withdrawals occurred at his firm’s branch office.
The AWC reported that on March 3, 2016, after a customer complained to the Wells Fargo branch office, Pierce decided to replace the funds in the customer’s account. Yet, Pierce did this by taking $1,380.00 from another firm customer’s account, without the second customer’s knowledge.
The AWC stated that Pierce engaged in his conduct by prepping memos for the second of the affected customers and prepping the first customer’s deposit slips. FINRA found that Pierce’s conduct of converting funds from his firm customers’ accounts was violative of FINRA Rule 2010, leading to his permanent bar. Public disclosure records reveal that Wells Fargo Advisors, LLC terminated Pierce on March 4, 2016, amid allegations that Pierce admitted to the aforementioned conduct.
Now for $1,380, Pierce has ruined his life, and will be luck to get a job at the local Wawa,
Guiliano Law Group
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