Securities Arbitration Investment Fraud Lawyers » Investment and Regulatory News » Wells Fargo Clearing Services Stockbroker Barred In Investigation

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Richard Marion Blosser of Los Angeles, California, a stockbroker registered with Wells Fargo Clearing Services LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Blosser failed to testify when FINRA investigated the stockbroker for possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2019061442701 (October 19, 2022).

According to the AWC, on August 30, 2022, FINRA sent Blosser a request to appear for testimony concerning his trading in customer accounts in preferred stock and closed-end funds. The findings stated that the request for testimony related to Blosser’s trading in customer accounts, including purchasing and selling preferred stock and closed-end funds, and Blosser’s member firm’s supervision of such activity.

Through his counsel, on September 13, 2022, Blosser indicated that he had received FINRA’s request but would not appear for testimony. Therefore, Blosser violated FINRA Rules 2010 and 8210.

FINRA Public Disclosure shows that Blosser is referenced in two customer initiated investment related disputes concerning Blosser’s conduct while associated with securities broker dealers. On January 11, 2005, a customer filed an investment related complaint involving Blosser’s conduct in which the customer requested compensation based upon allegations that Blosser breached his fiduciary duties in connection with the recommendation and sale of stocks during the time that Blosser was associated with Morgan Stanley.

On February 3, 2015, a customer initiated investment related complaint involving Blosser’s conduct was settled for $16,555.25 in damages based upon allegations that Blosser failed to follow instructions when Blosser was associated with UBS Financial Services Inc.

Blosser was associated with Wedbush Securities Inc. in Los Angeles, CA, as a stockbroker from October of 2020 to June of 2021, and was associated with Wells Fargo Clearing Services LLC in Westlake Village, CA, as a stockbroker from November of 2015 to October of 2019.