Gordon Leonard Bryan of Terre Haute Indiana a stockbroker formerly registered with Wells Fargo Clearing Services LLC has been fined $5,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on findings that he engaged in undisclosed outside business activities involving customers of the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2018060741801 (Mar. 30, 2021).
According to the AWC, in September of 2017, a limited liability company had been established by Bryan and four other individuals for purposes of buying and developing a shopping center. Three of those individuals held accounts at Wells Fargo. Until October of 2017, Bryan omitted from Wells Fargo that he was involved with the LLC. It was not until December 6, 2017 that he disclosed that three customers co-owned the LLC and had been involved in the purchase.
FINRA stated that Bryan’s disclosures were investigated by Wells Fargo. This resulted in the stockbroker confirming with them that he would not be an active participant in the operations of the LLC. But Bryan took on operational work for the LLC. This included his marketing of the center, communications with commercial lenders and negotiation of lease terms.
Bryan told Wells Fargo in December of 2017 that he would relinquish his ownership interest in the LLC. He then represented to them that the LLC constituted his passive real estate business. Bryan also falsely told the securities broker dealer that his spouse was a partner in the LLC.
FINRA found that Bryan’s outside business activity violated FINRA Rules 2010 and 3270.
Bryan has been identified in three customer initiated investment related disputes involving allegations of his violative actions during the period that he was employed by AG Edwards Sons Inc., Invest Financial Corporation and Wells Fargo. FINRA Public Disclosure confirms that a customer initiated investment related civil action involving Bryan’s conduct was settled for $17,000.00 in damages founded on accusations that the customer was not made aware of the risks pertaining to mutual fund investments that they purchased through AG Edwards Sons.
Another customer filed an investment related complaint involving Bryan’s activities where they sought compensatory damages supported by allegations of misrepresentation by the stockbroker in regard to their purchase of a variable annuity through Invest Financial Corporation.
Bryan is also the subject of a customer initiated investment related written complaint which was settled on February 21, 2020 to resolve accusations that false information about assets had been provided to the customer when Bryan was registered with Wells Fargo Advisors. The complaint also alleges that Bryan effected excessive trades in the customer’s account.
