John William Hoekman of New York New York a stockbroker formerly registered with Wells Fargo Advisors LLC is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer sought between $100,000.00 and $500,000.00 in compensatory or punitive damages based upon accusations of unsuitable over-the-counter equities being recommended for the customer’s investment accounts at Stephens Inc. and Wells Fargo. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01805 (June 25, 2020).
FINRA Public Disclosure reveals that Hoekman has been identified in seven more customer initiated investment related disputes regarding allegations of his violative conduct while he was employed by Stephens and Wells Fargo. A customer initiated investment related FINRA securities arbitration claim concerning Hoekman’s activities was settled for $25,000.00 in damages supported by accusations that federal securities laws had been violated and that the stockbroker’s negligence with unit investment trusts and mutual funds transactions had resulted in damages. According to the claim, there was a breach of fiduciary duty by the stockbroker. The claim also alleges breach of contract and fraud.
Hoekman is also the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $550,000.00 in damages founded on allegations that the stockbroker’s investment recommendations were not suitable for the customer and that misrepresentations were made in regard to those recommended investments during the period that Hoekman was associated with Wells Fargo. FINRA Arbitration No. 15-02402 (June 3, 2016).
On July 18, 2017, another customer initiated investment related FINRA securities arbitration claim involving Hoekman’s conduct was settled for $390,000.00 in damages based upon accusations that the Wells Fargo customer was steered by Hoekman towards loaning funds to another party for purposes of investing in foreign securities. FINRA Arbitration No. 16-03280. The claim alleges that the customer received poor investment advice from Hoekman.
Hoekman is referenced in another customer initiated investment related FINRA securities arbitration claim which was resolved for $150,000.00 in damages supported by allegations of improper penny stocks being traded in the Stephens customer’s account. FINRA Arbitration No. 17-01503 (May 2, 2018). On June 12, 2019, an investment related civil action regarding Hoekman’s activities was settled for $175,000.00 in damages founded on accusations that misrepresentations had been made to the investor by Hoekman. Civil Action No. 1:15-cv-05779.
Hoekman has also been barred by FINRA from associating with any FINRA member in any capacity based upon findings of Hoekman obstructing a FINRA investigation into allegations of the stockbroker engaging in private securities transactions and undisclosed business activities. Letter of Acceptance Waiver and Consent No. 2015045695501 (July 13, 2016). Hoekman violated FINRA Rules 2010 and 8210.
