Robert Thomas Tuffy of East Brunswick New Jersey a stockbroker formerly registered with Wells Fargo Advisors is the subject of a customer initiated investment related arbitration claim which was resolved for $27,500.00 in damages based upon allegations that (1) Tuffy effected unauthorized trades in the customer’s brokerage account (2) Tuffy disregarded the customer’s objectives for investing (3) Tuffy executed transactions in the customer’s account that failed to be suitable for the customer and (4) Tuffy effected trades on an excessive basis. Financial Industry Regulatory Authority (FINRA) Arbitration No. 15-01860 (Aug. 29, 2016).
FINRA Public Disclosure confirms that Tuffy is referenced in two more customer initiated investment related disputes that concern accusations of Tuffy’s unacceptable conduct when he was associated with Wells Fargo Advisors LLC. In particular, a customer initiated investment related arbitration claim concerning Tuffy’s conduct was settled for $70,000.00 in damages supported by allegations that transactions were executed in the customer’s account that were unsuitable for the customer, and trades had been effected in the customer’s brokerage account in excessive, unwarranted amounts while Tuffy was employed by Wells Fargo Advisors LLC.
Thereafter, a customer filed an investment related complaint in regards to Tuffy’s activities where the customer sought more than $5,000.00 in damages founded on accusations of mismanagement of the customer’s investment portfolio relating to the over-the-counter equities transactions placed in the customer’s account during the time Tuffy was associated with Wells Fargo LLC.
Tuffy has also been fined $5,000.00 and suspended from associating with any FINRA member in any capacity supported by findings that Tuffy executed trades in the account of a Wells Fargo customer without procuring the customer’s approval beforehand; conduct FINRA concluded to be violative of FINRA Rules 2010. Letter of Acceptance Waiver and Consent No. 2015047200201 (July 27, 2016). Tuffy’s registration with Wells Fargo was terminated based upon the allegations referenced in FINRA’s disciplinary action against him.
