James McCormick, Jr., of Harrisonburg, Virginia, a stockbroker with Wells Fargo Advisors, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he failed to cooperate with a FINRA investigation into allegations stemming from customer complaints against McCormick. Letter of Acceptance, Waiver and Consent, No. 2015048249901 (July 15, 2016).
According to the AWC, Wells Fargo Advisors notified FINRA on December 11, 2015, that McCormick was terminated amid allegations of exercising unauthorized discretion in client accounts, failing to disclose outside business activities, and unauthorized borrowing of monies from a client.
On May 31, 2016, FINRA personnel, upon investigating two customer complaints lodged against McCormick in addition to the nature of West Fargo Advisors’ termination of McCormick, sent McCormick a notification requesting that McCormick provide recorded testimony by June 24, 2016, per FINRA Rule 8210.
Apparently, McCormick responded to FINRA by sending a letter acknowledging the request, but indicating that he would not be providing testimony, nor cooperating with FINRA at any point. FINRA found that McCormick’s failure to cooperate with their investigation was violative of FINRA Rules 8210 and 2010, leading to his permanent bar.
Public disclosure records reveal that McCormick has been subject to four disclosure incidents. On January 22, 2001, McCormick settled a customer dispute for $30,000.00 after the customer alleged that McCormick excessively traded in the customer’s account. On September 8, 2011, McCormick settled a customer dispute for $28,500.00 after the customer alleged lack of suitability and excessive trading.
On November 16, 2015, another customer lodged a complaint against McCormick, alleging that unauthorized transactions took place in his account, and that the customer had not spoken to McCormick since opening an account. The customer alleged that McCormick failed to follow the customer’s instructions in reference to investment allocations.
Guiliano Law Group
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