Marcus Joseph Debaise, of Glastonbury, Connecticut, a stockbroker formerly registered with Wells Fargo Advisors, LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to provide a response to FINRA pursuant to an information request. Letter No. 2015046925901 (May 26, 2016).
FINRA Public Disclosure reveals that Debaise has been identified in forty-two customer initiated investment related disputes containing allegations of his misconduct while employed with Wells Fargo Advisors, LLC. In particular, on October 3, 2012, a customer initiated investment related written complaint involving Debaise’s conduct was settled for $25,000.00 in damages based upon allegations that Debaise overly concentrated the customer’s investment portfolio in the stock of one entity.
On March 15, 2013, a customer was awarded $40,000.00 in damages pursuant to an investment related written complaint involving Debaise’s conduct, based upon allegations that Debaise caused the customer to be exposed to risks which were not suitable, omitted information from the customer concerning the risks of over-the-counter equities, and did not diversify the customer’s account in an appropriate manner. On January 22, 2014, another customer initiated investment related arbitration claim regarding Debaise’s activities was resolved for $30,000.00 in damages based upon allegations that Debaise effected equity transactions in the customer’s account which were neither authorized nor suitable.
From June 13, 2013, to February 8, 2017, thirty-nine customer initiated investment related disputes were filed in which Debaise’s misconduct was cited, wherein the customers’ claims were based upon allegations including unsuitable investment recommendations, failure to properly diversify and mitigate risk, improper and unauthorized trading, and overconcentration in energy sector investments. Thirty of the thirty-nine disputes have been resolved, wherein customers have collectively received $2,777,100.00 in damages.
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