Somning Pheth (also known as Demo Pheth) a stockbroker formerly registered with Wells Fargo Clearing Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on accusations that Pheth failed to provide FINRA with information that had been formally requested of him through a FINRA inquiry. Letter No. 2018058520001 (Oct. 1, 2018).
According to FINRA Public Disclosure, Pheth was contacted by FINRA personnel in regard to his activities possibly concerning Wells Fargo Clearing Services LLC terminating Pheth on April 24, 2018. Specifically, the firm discharged Pheth supported by allegations that Pheth possibly misappropriated funds that belonged to Wells Fargo bank customers.
Pheth was initially suspended by FINRA on October 1, 2018 according to a Suspension from Association letter issued to him by the regulator. Apparently, FINRA gave Pheth until September 31, 2018 to provide the regulator with the information requested of him, otherwise he was expected to be barred by FINRA on October 1, 2018. Pheth reportedly failed to respond to the regulator’s requests by the deadline imposed so he was automatically barred in all capacities.
