Helen Grace Caldwell of Chicago, Illinois, a stockbroker formerly registered with Wells Fargo Clearing Services LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she failed to cooperate with FINRA’s investigation into her potential outside business activities. Letter of Acceptance, Waiver, and Consent No. 2022074603801 (July 6, 2023).
According to the AWC, on November 12, 2021, a Form U5 was submitted to FINRA by Citigroup Global Markets Inc. regarding Caldwell’s stockbroker registration. The securities broker dealer relayed that Caldwell resigned. On April 4, 2022, the firm relayed that it was reviewing if Caldwell engaged in an undisclosed outside business activity involving customers. Citigroup Global Markets Inc. indicated in an updated Form U5, submitted on August 10, 2022, that she failed to disclose her activities. FINRA stated that Caldwell subsequently became registered with Wells Fargo Clearing Services LLC, who discharged her as a stockbroker on September 15, 2022, based on an alleged lack of compliance with its investment policies and outside business activities policies.
The regulator’s investigation stemmed from the Form U5 submissions. On May 17, 2023, FINRA asked Caldwell to testify in the investigation. On June 12, 2023, Caldwell’s lawyer informed FINRA that Caldwell received the regulator’s request and would not cooperate with it. FINRA found that Caldwell violated FINRA Rules 2010 and 8210 by refusing to comply.
FINRA Public Disclosure shows that Caldwell was referenced in three customer initiated investment related disputes concerning Caldwell’s conduct while associated with securities broker dealers. On October 14, 2009, a customer filed an investment related complaint involving Caldwell’s conduct in which the customer requested $7,875.49 in damages based upon allegations that Caldwell failed to follow instructions when Caldwell was associated with Chase Investment Services Corp.
On October 14, 2008, a customer initiated investment related complaint involving Caldwell’s conduct was settled for $300,000.00 in damages based upon allegations that Caldwell made unsuitable recommendations, engaged in unauthorized trading, and failed to follow instructions in connection with the sale of auction rate securities when Caldwell was associated with Chase Investment Services Corp.
Caldwell was also referenced in a customer initiated investment related complaint that was settled on October 24, 2008, for $150,000.00 in damages based upon allegations that Caldwell made misrepresentations of material fact and made unsuitable recommendations of auction rate securities.
Caldwell was associated with Wells Fargo Clearing Services LLC as a stockbroker from November 10, 2021, to September 15, 2022.
