Kevin Donald Wanner of Bismarck, North Dakota, a stockbroker with Questar Capital Corporation, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after he consented to findings that he failed to cooperate with a FINRA investigation. Letter of Acceptance, Waiver and Consent, No. 2015048162701 (Jan. 11, 2016).
According to the AWC, Questar filed a Form U5 on December 10, 2015, terminating Wanner’s registration with the firm. In the Form U5, the firm indicated that Wanner was discharged subsequent to him receiving a cease and desist order from North Dakota Securities Department. The cease and desist order, according to the AWC, alleged that Wanner made misrepresentations to investors concerning the nature of certain products Wanner positioned to them. Specifically, Wanner reportedly offered and ultimately sold a North Dakota resident a product, which Wanner apparently termed a ‘time certificate of deposit,’ indicating to the investor that funds would be directed to FDIC member institutions. Wanner apparently placed the investor funds into accounts that he owned and controlled, and for his own purpose as opposed to what was stated to investors.
The AWC stated the FINRA launched an investigation into Wanner to determine whether the customer funds were misappropriated by Wanner. To this effect, on December 14, 2015, FINRA requested that Wanner provide information and documentation, as well as appear before FINRA to provide on-the-record testimony, pursuant to Rule 8210.
The AWC noted that Wanner never appeared for the scheduled testimony on December 30, 2015, nor did Wanner furnish the requested information and documentation. FINRA found that Wanner violated Rules 8210 and 2010 as a result of his failure to cooperate, and imposed a bar on Wanner as a result.
Public disclosure records reveal that on December 31, 2015, North Dakota Securities Department revoked Wanner’s agent registration in connection with an Order which stated that ND’s Securities Commissioner found Wanner to have engaged in multiple violations of the Securities Act, in addition to engaging in fraudulent, dishonest or unethical practices.
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