Jeffrey Alan Hill, of Bemidji, Minnesota, a stockbroker formerly registered with Wells Fargo Advisors, was sanctioned by Financial Industry Regulatory Authority (FINRA), in which his securities registration was revoked by FINRA for failing to fulfill his payment of fines and disgorgement associated with a prior FINRA disciplinary action against him. Letter No. 2015047008703 (Mar. 17, 2017).
According to the Letter, Hill failed to pay a $50,000.00 in fines and disgorgement pursuant to entering into a Letter of Acceptance, Waiver and Consent, No. 2015047008703 (Nov. 28, 2016), in which Hill was also suspended from associating with any Financial Industry Regulatory Authority (FINRA) member for eighteen months in any capacity based upon consenting to findings that effected unauthorized transactions in elderly customer accounts and made unsuitable recommendations to customers concerning debt investments.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on January 14, 2016, a customer initiated investment related arbitration claim regarding Hill’s activities was resolved for $1,000,000.00 in damages based upon allegations that Hill, while associated with Dougherty & Company LLC, breached his fiduciary duties to the customer, effected unsuitable and unauthorized transactions, and churned the customer’s account. Moreover, on March 29, 2017, a customer filed an investment related written complaint involving Hill’s conduct, in which the customer requested $11,000.00 in damages based upon allegations that Hill effected transactions in the customer’s account that were inappropriate and excessive.
Hill’s registration with Wells Fargo Advisors was terminated on December 12, 2016.
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