Marcus Duane Parker of Santa Fe New Mexico a stockbroker formerly employed by Wells Fargo Clearing Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with FINRA in an investigation into allegations that he misappropriated funds from a customer of the firm. Letter of Acceptance Waiver and Consent No. 2017056689601 (Feb. 16, 2018).
Wells Fargo reported to FINRA on December 12, 2017 that Parker had been terminated because he neglected to appear for the company’s internal investigation into his possible misappropriation of funds from accounts belonging to a firm customer. FINRA followed up regarding the basis of Parker’s termination from Wells Fargo, requesting on December 13, 2017 that Parker provide information and documentation to the regulator according to Rule 8210.
The AWC stated that Parker was responsible for providing FINRA with the information and documentation by December 27, 2017; however, Parker failed to respond. Parker’s counsel contacted FINRA on February 1, 2018, revealing that Parker comprehended FINRA’s multiple requests for his information but would at no point cooperate. FINRA found that Parker’s conduct was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that on February 25, 2009, a customer filed an investment related complaint concerning Parker’s activities where the customer requested damages estimated to exceed $5,000.00 based upon accusations that Parker made unsuitable investment recommendations to a customer while Parker was associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Clearing Services.
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