Philip Earl Brunson (also known as Phil Brunson) a stockbroker formerly employed by Wells Fargo Advisors is the subject of a customer initiated investment related complaint which was resolved for $28,929.99 in damages on August 24, 2018 based upon accusations that the customer’s funds had been misappropriated by Brunson during the time that he was associated with Wells Fargo Advisors.
Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally reveals that a customer initiated investment related complaint concerning Brunson’s conduct was settled for $43,556.69 in damages on March 12, 2015 supported by allegations of the misappropriation of the customer’s investment account funds.
Moreover, Brunson has been barred from associating with any FINRA member in any capacity founded on findings that he obstructed a FINRA investigation into allegations of him converting or stealing funds from a customer’s account. Letter of Acceptance Waiver and Consent No. 2014043597901 (Apr. 15, 2015).
According to the AWC, an investigation was launched by FINRA into Brunson after the regulator learned of him possibly stealing two customers’ funds from their investment accounts at Wells Fargo. Evidently, Brunson was instructed by FINRA under Rule 8210 to produce information and documents so that FINRA could further examine his conduct for possible violations of federal securities laws or FINRA rules.
The AWC revealed that Brunson corresponded with FINRA four days prior to the deadline where he confirmed that FINRA’s request had been received but that he would not comply with the request. Brunson ultimately failed to hand over any information or documentation to FINRA. As a result, FINRA found Brunson’s lack of cooperation to be violative of FINRA Rules 2010 and 8210.
