Nelson Michael Polun of Bel Air Maryland a stockbroker formerly registered with Wells Fargo Clearing Services LLC has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon accusations that Polun neglected to comply with FINRA’s request for information about his activities. Case No. 2019061783501 (Nov. 11, 2020).
According to FINRA Public Disclosure, Polun was asked for information in 2020. Polun’s failure to comply resulted in him being issued a Notice of Suspension letter by FINRA on November 11, 2020 and a Suspension from Association letter on December 7, 2020. Polun has until February 15, 2021 to cooperate with FINRA’s requests. The regulator indicated that Polun will be automatically barred by February 16, 2021 if he does not take steps to resolve the suspension.
FINRA Public Disclosure also reveals that Polun has been suspended by FINRA on July 31, 2020 supported by allegations of his failure to comply with a settlement agreement or arbitration award.
Polun has also been identified in three customer initiated investment related disputes containing accusations of his improper conduct during the period that he was employed by securities broker dealers including Merrill Lynch Pierce Fenner Smith Inc., Wells Fargo and Prudential Securities Incorporated. FINRA Public Disclosure reveals that Polun is referenced in a customer initiated investment related written complaint where the customer requested $70,000.00 in damages founded on allegations that the customer’s account had been mismanaged by Polun when he was associated with Merrill Lynch.
Another customer initiated investment related FINRA securities arbitration claim concerning Polun’s conduct was settled for $18,000.00 in damages based upon accusations that unauthorized stock transactions were executed in the customer’s Prudential Securities account by Polun resulting in damages. Polun is also the subject of a customer initiated investment related written complaint which was settled on March 13, 2017 to resolve allegations that advisory fees were not disclosed by Polun and that misrepresentations had been made to the customer concerning stocks that were held in the customer’s account during the period that Polun was associated with Wells Fargo.
Polun was discharged by Wells Fargo on July 1, 2019 founded on accusations of Polun concealing information from the firm.