Christopher Todd Wendel of Celina Ohio a stockbroker formerly registered with SA Stone Wealth Management Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he sold away from his employer and falsified testimony in a FINRA investigation into accusations of his violative conduct. Letter of Acceptance Waiver and Consent No. 2017055476801 (June 1, 2018).
According to the AWC, between April of 2017 and August of 2017, Wendel recommended for investors to purchase Woodbridge Mortgage Investment Funds – an investment sold outside the auspices of SA Stone Wealth Management. Apparently, $343,500.00 worth of Woodbridge Mortgage Investment Funds promissory notes had been sold to four investors, resulting in Wendel accumulating $10,000.00 in commissions. Evidently; however, Wendel never informed SA Stone Wealth about those private securities transactions and did not procure the firm’s approval to effect those transactions. FINRA found that Wendel’s activities in that regard was violative of FINRA Rules 2010 and 3280.
The AWC additionally stated that in January of 2018, Wendel provided FINRA with a signed declaration where he erroneously attested to having only taken part in the Woodbridge Mortgage Investment Funds promissory notes transactions once he was no longer associated with SA Stone Wealth Management. The AWC revealed that Wendel provided recorded testimony before FINRA personnel in March of 2018, where he lied about the timing of his involvement in the promissory notes sales. FINRA found that Wendel’s failure to be forthcoming was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that a customer filed an investment related arbitration claim concerning Wendel’s conduct in which the customer requested $150,000.00 in damages based upon allegations that an unsuitable investment recommendation had made to the customer concerning a direct investment product, and that there was a lack of supervision relating to the customer’s investment transactions. FINRA Arbitration No. 18-00609 (Feb. 20, 2018).
Wendel was terminated from SA Stone Wealth Management Inc. on September 5, 2017, founded on accusations that he sold away from the firm in violation of the firm’s policies.
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