John Arthur Dettelbach, of Pepper Pike, Ohio, a stockbroker currently 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 unauthorized transactions in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2016051636701 (June 27, 2017).
According to the AWC, from September of 2012 to August of 2016, discretion had been exercised by Dettelbach in the accounts of ten Wells Fargo customers even though the customers never authorized the transactions. Apparently, these transactions were merely verbally discussed by Dettelbach with the customers; his authorization was never extended to transactions entered by Dettelbach on later trading days. The AWC further reported that neither the firm, nor the customers, authorized Dettelbach’s use of discretion in their accounts. As a result, FINRA found that his conduct was violative of FINRA Rule 2010 as well as NASD Conduct Rule 2510.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Dettelbach has been identified in four customer initiated investment related disputes containing allegations of his wrongdoing while associated with Wells Fargo Advisors, LLC. In particular, on May 23, 2016, a customer initiated investment related written complaint involving Dettelbach’s conduct was settled for $7,649.00 in damages based upon allegations that he misinformed the customer about an individual retirement account rollover.
Subsequently, two customer initiated investment related complaints concerning Dettelbach’s activities were settled on September 20, 2016, for $24,900.00 to resolve allegations that Dettelbach, between 2012 and 2016, placed equity trades in the customers’ accounts without consent. He has also been named in a customer initiated investment related written complaint on December 13, 2016, based upon allegations that Dettelbach purchased over-the-counter equities in the customer’s account despite lacking approval from the customer.
Dettelbach was fired by Wells Fargo Advisors on October 24, 2016, based upon allegations of his unauthorized trading in the customers’ investment accounts.
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