Lee Victor Nordstrom of Spokane Washington a stockbroker formerly registered with Vorpahl Wing Securities has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that he failed to comply with a FINRA investigation regarding his activities while associated with Vorpahl Wing Securities. Letter of Acceptance Waiver and Consent No. 2020065149801 (October 1, 2021).
According to the AWC, FINRA investigated accusations against Nordstrom that arose when Vorpahl Wing Securities discharged him. The securities broker dealer alleged that it terminated Nordstrom on April 27, 2020, founded upon allegations of Nordstrom failing to meet the suitability policy of the firm. Vorpahl Wing Securities referred to quantitative suitability, which concerns excessive trading by stockbrokers.
On August 5, 2021, Nordstrom was asked by FINRA to make an appearance and testify about the accusations that Vorpahl Wing Securities made against him. Nordstrom responded to FINRA on September 27, 2021, relaying that he would not make an appearance or testify at any point. The regulator determined that Nordstrom’s failure to testify showed that he violated FINRA Rules 2010 and 8210.
The regulator also investigated Nordstrom on August 11, 2020, regarding unauthorized trading. According to FINRA Public Disclosure, trades were potentially made by Nordstrom after a customer passed away. The stockbroker potentially failed to have authorization from the customer’s surviving spouse for trading.
Nordstrom is also referenced in a customer initiated investment related FINRA securities arbitration claim that was resolved for $20,000.00 in damages supported by accusations that excessive trades were made by Nordstrom in the customer’s account at Vorpahl Wing Securities. FINRA Arbitration No. 20-03745 (February 24, 2021). The claim alleges that Nordstrom caused the customer’s account to be overconcentrated in stocks resulted in damages.
Nordstrom was associated with Wells Fargo Advisors LLC before Vorpahl Wing Securities. FINRA Public Disclosure shows that Nordstrom voluntarily resigned from Wells Fargo Advisors supported by accusations that he potentially executed trades on an unauthorized basis. The securities broker dealer indicated that Nordstrom used discretion without discretionary trading authorization.
