Herbert Lee Weith IV of Naples, Florida, 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 for failing to respond to a request for information. FINRA Case No. 2019064197601 (January 10, 2022).
According to FINRA Public Disclosure, Weith was issued a Notice of Suspension letter on October 5, 2021, and a Suspension from Association letter on October 29, 2021. Weith did not respond to FINRA’s requests or otherwise ask for the regulator to terminate the suspension. Instead, Herbert lieth in wait, and accordingly, on January 10, 2022, FINRA automatically barred Weith.
FINRA Public Disclosure shows that Weith has been identified in three customer initiated investment related disputes concerning his activities during the period that he was registered with Wells Fargo. On June 26, 2015, a complaint regarding Weith’s conduct was settled for $28,594.00 in damages based upon accusations that Weith made misrepresentations and unsuitable recommendations concerning a variable annuity when Weith was registered with Wells Fargo.
Weith is the subject of a Wells Fargo Advisors customer’s written complaint which was resolved for $20,000.00 in damages on August 24, 2017, for alleged negligence in connection with the stockbroker’s recommendation of using 401(k) funds for a variable annuity.
On May 5, 2022, another customer initiated investment related FINRA securities arbitration claim concerning Weith’s activities was settled for $100,000.00 in damages because Weith allegedly provided unsuitable investment recommendations concerning a mutual fund and annuity during the time that he was registered with Wells Fargo Clearing Services.
Weith was associated with Wells Fargo Clearing Services between March 2, 2012, and May 3, 2019. He was registered with Equitable Advisors from January 29, 2020, to October 22, 2020.
