Apostolos Nicholas Papadea of Columbia South Carolina a stockbroker formerly registered with Wells Fargo Advisors LLC is the subject of a customer initiated investment related written complaint which was settled for $24,000.00 on January 17, 2017 based upon allegations of (1) omissions and misrepresentations being made to the customer concerning the risks of mutual funds and stocks placed in the customer’s investment portfolio and (2) the customer being sold equities that were not appropriate for the customer given the customer’s investment goals and financial circumstances.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that this is the first complaint referencing Papadea’s activities since he was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity. Letter of Acceptance Waiver and Consent No. 2015048044301. (Apr. 19, 2016). Particularly, FINRA found that Papadea executed trades in the accounts of Wells Fargo customers without having procured customers’ written authorization; conduct violative of FINRA Rules 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
Papadea has been identified in three more customer initiated investment related disputes containing accusations of his misconduct while employed with securities broker dealers including Robinson Humphrey Company Inc. and Salomon Smith Barney. Specifically, a customer initiated investment related civil action brought in the Greenville South Carolina Court of Common Pleas that involved Papadea’s activities was resolved for $47,500.00 in damages founded on allegations that while Papadea was associated with Robinson Humphrey, deceptive and fraudulent activities took place with regard to the customer’s equity investments causing the customer to suffer investment losses.
Thereafter, a customer filed an investment related complaint involving Papadea’s activities where the customer sought unspecified damages supported by accusations that while Papadea was associated with Salomon Smith Barney, Papadea exercised discretion in the customer’s account, placing over-the-counter equities trades without the customer’s written authorization. Subsequently, a customer initiated investment related complaint regarding Papadea’s conduct was settled for $50,000.00 in damages based upon allegations that while Papadea was employed with Robinson Humphrey, trades were effected in the customer’s account on an excessive basis, and transactions were executed without authorization.
Papadea was discharged by Wells Fargo Advisers LLC on November 19, 2015 founded on accusations that he neglected to communicate with customers on the days he placed trades in their accounts.
