Tracy Neal Wengert of Mesa Arizona a stockbroker formerly registered with Transamerica Financial Advisors Inc. is referenced in an Order issued by the Arizona Corporation Commission which revoked Wengert’s securities registration and mandated Wengert pay a $25,000.00 fine and $1,522,400.00 in restitution based upon findings including Wengert’s trading of securities in customers’ accounts without written authorization. In the Matter of Tracy N. Wengert (April 11. 2017).
According to the Order, the Commission’s imposition of sanctions against Wengert were supported by Wengert having been barred by FINRA from associating with any FINRA member in any capacity based upon findings of Wengert’s failure to comply with FINRA’s investigation into accusations of his establishment of outside investment accounts; and Wengert’s unsuitable trading in customers’ outside accounts. Letter of Acceptance Waiver and Consent No. 2015044289201 (Oct. 29, 2015). FINRA reportedly requested information and documentation from Wengert in June 2015. At first, Wengert cooperated with some of FINRA’s requests. Evidently; however, in September of 2015, counsel for Wengert notified FINRA that Wengert would not provide tax returns that the regulator requested; and that Wengert would cooperate no further in FINRA’s investigation altogether. FINRA found Wengert’s conduct violative of FINRA Rules 2010 and 8210.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Wengert is referenced in seven additional customer initiated investment related disputes pertaining to allegations of Wengert’s violative conduct during the time that he was associated with Transamerica Financial Advisors. In particular, a customer initiated investment related arbitration claim concerning Wengert’s conduct was settled for $47,500.00 in damages founded on accusations that Wengert misrepresented the terms and conditions of investments traded in accounts held by customers at an outside securities dealer; and placed customers in speculative, unsuitable investments on a discretionary basis causing customers to incur investment losses. FINRA Arbitration No. 15-01106 (June 22, 2015).
Subsequently, a customer initiated investment related arbitration claim regarding Wengert’s activities was resolved for $18,750.00 in damages based upon allegations of Wengert setting up customers’ outside investment accounts and effecting inappropriate options, stock and over-the-counter equities trades in customers’ accounts. FINRA Arbitration No. 15-02170 (Oct. 26, 2016). Another customer initiated investment related arbitration claim involving Wengert’s conduct was settled for $80,000.00 in damages supported by accusations against Wengert of executing bad options trades in customers’ accounts held away from Transamerica Financial Advisors, causing customers to incur unwarranted investment losses. FINRA Arbitration No. 16-00592 (Jan. 26, 2017).
On February 13, 2017, another customer initiated investment related complaint concerning Wengert’s activities was resolved for $10,000.00 in damages founded on allegations of Wengert’s unauthorized establishment of the customer’s outside accounts and his trading of options that produced losses for the customer. Wengert is also subject of a customer initiated investment related arbitration claim which was settled for $275,000.00 in damages based upon accusations that the customers were placed in options that were not suitable given the customer’s objectives for investing and tolerance for risk. FINRA Arbitration No. 16-00718 (July 6, 2017).
Wengert was discharged by Transamerica Financial Advisors Inc. supported by allegations that without the firm’s authorization, Wengert managed customers’ accounts at another securities broker dealer, placing trades in their accounts on a discretionary basis.
