Tyler Boone Powell, of Montecito, California, a stockbroker formerly registered with Wells Fargo Advisors, LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected trades in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. 2014040633301 (June 22, 2015).
According to the AWC, from February of 2011 to June of 2013, an estimated one-hundred and fifty-nine trades were effected by Powell in customer MM’s investment accounts, despite having failed to gain MM’s permission or authorization from his firm beforehand. Apparently, the firm disallowed discretion to be exercised by stockbrokers in the customer’s type of account. FINRA found that Powell’s conduct was violative of FINRA Rule 2010 and NASD Conduct Rule 2510(b).
FINRA Public Disclosure reveals that on April 14, 2014, a customer filed an investment related written complaint involving Powell’s conduct, in which the customer requested $185,000.00 in damages supported by allegations that Powell effected unauthorized trades in the customer’s fee based investment account. Powell was subsequently terminated by Wells Fargo Advisors, LLC on August 19, 2014, based upon allegations of Powell’s unauthorized trading activities.
On August 28, 2014, Powell became associated with Stifel, Nicolaus & Company, Inc.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
