Mark H. Botsford, of Alexandria, Virginia, a stockbroker formerly registered with Wells Fargo Advisors, LLC, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity based upon consenting to findings that he engaged in outside business activities which were not approved by Wells Fargo. Letter of Acceptance, Waiver and Consent, No. 2016049347201 (Dec. 7, 2016).
According to the AWC, in 2010, Botsford created an advisory business, Botsford Global, LLC, which was designed to provide prospective investors with strategies and consultative advice. The AWC stated that Botsford, between June of 2014 and December of 2014, represented himself to investors as a managing member and corresponded with prospective sponsors of a soliciting business controlled by Botsford Global.
The AWC stated that Wells Fargo was not made aware that Botsford was involved with Botsford Global at the time which Botsford became associated with the firm. FINRA found that Botsford’s failure to disclose his outside business activities to Wells Fargo was conduct violative of FINRA Rules 2010 and 3270.
Botsford also reportedly failed to testify honestly to his firm when questioned about receiving cash gifts from customers. Apparently, Botsford lied in both his compliance questionnaire and annual attestation forms, where he stated that he had not received gifts which required proper disclosure. Evidently, between June of 2014 and February of 2016, Botsford received $33,500.00 in customer gifts. FINRA found that Botsford’s conduct in this regard was violative of FINRA Rule 2010.
FINRA Public Disclosure reveals that Botsford was terminated by Wells Fargo Advisors, LLC on February 29, 2016, based upon allegations that Botsford received unauthorized gifts from customers.
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