Earle Clement Tingley of Winter Haven Florida a stockbroker formerly registered with Wells Fargo Advisors Financial Network LLC has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Tingley inappropriately borrowed money from customers and lied about it when questioned by the firm. Letter of Acceptance Waiver and Consent No. 2018058604201 (Aug. 23, 2018).
According to the AWC, when Tingley was associated with Wells Fargo Advisors, he borrowed a total of $35,000.00 from Wells Fargo customer, CW. Apparently, the loan was disallowed. Particularly, Wells Fargo explicitly stated in its written supervisory procedures that registered representatives were only able to borrow their immediate family members’ funds, and even in those situations the firm was still required to sign off on the transaction.
The AWC stated that Tingley never sought Wells Fargo Advisors’ approval to borrow from CW. Also, Tingley completed two of the firm’s annual attestations in which he made false attestations pertaining to borrowing money from customers. Consequently, FINRA found that Tingley’s conduct was violative of FINRA Rules 2010 and 3240.
FINRA Public Disclosure confirms that on August 15, 2008, a customer initiated investment related complaint concerning Tingley’s activities was settled for $200,000.00 in damages founded on accusations that while Tingley was associated with A.G. Edwards & Sons, Inc., he misrepresented auction rate securities that were purchased by the customer. Tingley was also subject of a customer initiated investment related written complaint on January 13, 2016, where the customer sought more than $5,000.00 in damages supported by allegations of an unauthorized account transfer that occurred while Tingley was associated with Wells Fargo Advisors, LLC.
Wells Fargo terminated Tingley on April 27, 2018 based upon accusations that Tingley borrowed from customers in contravention of the firm’s policies.
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