John William Hoekman of New York New York a stockbroker formerly employed by Wells Fargo Advisors LLC is referenced in a customer initiated investment related arbitration claim which was settled for $390,000.00 in damages founded on accusations that (1) omissions had been made to the customer during a time that the customer was steered by Hoekman towards lending money to a third party for a foreign investment transaction and (2) investment recommendations made by Hoekman failed to be appropriate for the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 16-03280 (July 18, 2017).
FINRA Public Disclosure reveals that Hoekman has been identified in six additional customer initiated investment related disputes containing allegations of Hoekman’s misconduct during the time that he was associated with Wells Fargo Advisors, Morgan Stanley DW Inc., and Stephens. In particular, a customer initiated investment related arbitration claim involving Hoekman’s conduct was resolved for $47,500.00 in damages based upon accusations that the customer was provided bad advice concerning investments in equities, causing the customer to incur unwarranted investment losses. FINRA Arbitration No. 15-01175 (Oct. 26, 2015).
Thereafter, a customer filed an investment related civil action in the Southern District of New York regarding Hoekman’s conduct in which the customer requested more than $5,000.00 in damages supported by allegations that false or misleading statements had been made to the customer concerning common or preferred stock transactions placed in the customer’s account while Hoekman was registered with Wells Fargo Advisors LLC. Civil Action No. 1:15-CV-05779 (July 30, 2015).
Thereafter, a customer initiated investment related arbitration claim concerning Hoekman’s activities was settled for $550,000.00 in damages founded on accusations that misrepresentations had been made to the customer concerning equities held in the customer’s investment portfolio; and investment recommendations made to the customer were unsuitable. FINRA Arbitration No. 15-02402 (June 3, 2016). Furthermore, a customer initiated investment related arbitration claim regarding Hoekman’s conduct was resolved for $150,000.00 in damages based upon allegations of the customer being poorly advised in reference to penny stocks which caused the customer to incur catastrophic losses. FINRA Arbitration No. 17-01503 (May 2, 2018).
Hoekman has been barred from associating with any FINRA member in any capacity based upon findings that Hoekman obstructed a FINRA investigation into accusations of him selling away from the firm, and Hoekman engaging in outside business activities without having apprised Wells Fargo. Letter of Acceptance Waiver and Consent No. 2015045695501 (July 13, 2016). According to the AWC, Hoekman was instructed to provide information and documentation to FINRA personnel; however, Hoekman neglected to respond to the regulator. Hoekman later confirmed that he would not cooperate with FINRA at any point concerning the investigation into allegations against him. FINRA found Hoekman’s conduct violative of FINRA Rules 2010 and 8210.
Hoekman was terminated by Wells Fargo Advisors, LLC supported by accusations of Hoekman having been subject of a customer initiated investment related civil suit concerning allegations of his misconduct.
