Joe David Gainer Jr., of Marianna, 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 because Gainer failed to testify in an investigation into whether Gainer violated FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2022075621801 (December 1, 2023).
The regulatory action against Joe Gainer stems from his voluntary resignation from Wells Fargo on June 10, 2022. Wells Fargo submitted a termination notice (Form U5) to FINRA on June 15, 2022, and later filed an amended Form U5 on July 13, 2022, indicating an internal review of Gainer’s conduct, which started on June 14, 2022. Wells Fargo reported the results of this review in a second amended Form U5 on March 27, 2023.
FINRA’s investigation centered on whether Gainer had violated FINRA Rules 3241 and 2010 by not disclosing his activities with a customer and his receipt of a $3,000,000.00 gift from that customer.
On November 7, 2023, FINRA requested Gainer to provide testimony in the investigation. However, Gainer, through his lawyer, informed FINRA that he would not comply with this request. He violated FINRA Rules 2010 and 8210 for refusing to appear for testimony.
FINRA Public Disclosure also shows that Gainer was referenced in a customer initiated investment related complaint filed on September 23, 2020, in which the customer requested $221,630.00 in damages based upon allegations that Gainer made unsuitable recommendations between July 22, 2019, and August 3, 2020, given the customer’s age while Gainer was associated with Wells Fargo Advisors. The complaint was denied by the securities broker dealer.
Gainer was associated with Wells Fargo Clearing Services LLC in Marianna, Florida from November 10, 2016, to June 15, 2022.
