Robert Charles Mehlin of Fairfield, New Jersey, a stockbroker formerly registered with Wells Fargo Advisors Financial Network LLC has been fined $7,500.00 and suspended for three months from associating with any FINRA member in any capacity based upon allegations that Mehlin engaged in unauthorized trading and used unauthorized communications devices to correspond with customers. Letter of Acceptance Waiver and Consent No. 2019061691601 (Aug. 3, 2022)
According to the AWC, from August 2015 to February 2019, in eight accounts held by members of the same family, Mehlin exercised discretion without prior written authorization. In fact, Mehlin exercised discretion in over 250 transactions across the family’s accounts without obtaining same-day authorization.
From 2015 to 2018, Mehlin stated on compliance questionnaires that he did not exercise discretion in customer accounts. Mehlin then requested that a customer deny that Mehlin used discretion in any conversation with the securities broker dealer. From June 2017 to February 2019, Mehlin also used an unauthorized communication system to correspond with one member of the family while he was associated with Wells Fargo. The use of the unapproved communication platform resulted in Wells Fargo being unable to preserve those communications. The AWC states that Mehlin violated FINRA Rule 2010 and NASD Rule 2510(b).
Public Disclosure shows that Mehlin is referenced in three total customer initiated investment related disputes concerning Mehlin’s conduct while associated with securities broker dealers, including Citigroup Global Markets Inc. and Wells Fargo Advisors Financial Network LLC. On January 16, 2013, a customer initiated investment related FINRA securities arbitration claim involving Mehlin’s activities was settled for $975,000.00 in damages based upon allegations that Mehlin made unsuitable recommendations with regard to the sale of exchange traded funds, closed end funds, and stocks when Mehlin was associated with Citigroup Global Markets Inc. FINRA Arbitration No. 12-00001.
On February 6, 2009, another customer filed an investment related complaint involving Mehlin’s conduct in which the customer requested compensatory damages based upon allegations that Mehlin made unsuitable recommendations in connection with the sale of exchange traded funds, closed end funds, and stocks at Citigroup Global Markets Inc.
From 2019 to 2022, Mehlin was associated with Coastal Equities Inc. On August 4, 2022, Coastal Equities Inc. discharged Mehlin based upon allegations that Mehlin failed to report the FINRA regulatory action. From 2015 to 2019, he was associated with Wells Fargo Advisors Financial Network LLC. Mehlin was discharged by Wells Fargo Advisors Financial Network LLC on February 6, 2019, based upon allegations that Mehlin made unauthorized transactions.