Mark Peter Koestner, of Naples, Florida, a stockbroker with Wells Fargo Advisors, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations that he engaged in unauthorized private securities transactions. Letter of Acceptance, Waiver and Consent, No. 2014042031901 (Apr. 15, 2016).
According to the AWC, on July 23, 2014, Wells Fargo accepted Koestner’s resignation amid the firm’s internal review of a wire transaction that took place between his bank account and a Panama law firm. Wells Fargo later filed with FINRA a Form U5 on August 11, 2014, in which the firm claimed that Koestner’s wire transaction was associated with a private securities transaction.
The AWC stated that in January 2016, Koestner became investigated by FINRA with respect to the allegations of his outside business activity and/or private securities transactions. Koestner was sent a letter from FINRA personnel on January 27, 2016, per Rule 8210, requesting that he provide on-the-record testimony in connection with the investigation.
On February 9, 2016, Koestner’s attorney communicated with FINRA, indicating FINRA’s request was acknowledged by Koestner, but declared that Koestner would not be providing testimony pursuant to FINRA’s investigation at any point. Koestner reportedly never showed up for the March 1, 2016 testimony. FINRA found that Koestner’s refusal to cooperate in the investigation was violative of FINRA Rules 2010 and 8210, leading to his permanent bar.
Public disclosure records reveal that Koestner has been subject to three disclosure incidents. On July 12, 1994, Koestner settled a customer dispute for $12,510.00 amid allegations of misrepresentation and unsuitability concerning purchases in PB Energy Limited Partnership. On November 6, 1995, Koestner settled another customer dispute for $12,510.00 after being alleged to have made unsuitable recommendations.
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