J. Gordon Cloutier Jr. of Frisco Texas a stockbroker formerly employed by Wells Fargo Advisors LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with FINRA’s investigation into Cloutier’s possible unauthorized trading. Department of Enforcement v. J. Gordon Cloutier Jr. Disciplinary Proceeding No. 2016051652702 (Aug. 27, 2018).
According to the Decision, on September 27, 2017, FINRA Department of Enforcement requested Cloutier to make an appearance on October 25, 2017 and testify regarding the circumstances behind Wells Fargo’s termination of his employment. Wells Fargo discharged Cloutier on September 9, 2016, based upon accusations that Cloutier solicited a personal loan from a customer, and failed to gain the customer’s approval prior to effecting trades.
FINRA Department of Enforcement warned Cloutier that the failure to appear for testimony could result in disciplinary action being taken by the regulator. Cloutier failed to respond. The Decision stated that on January 8, 2018, FINRA Department of Enforcement made another request for Cloutier’s testimony to be provided on January 31, 2018. Ultimately, Cloutier failed to respond to FINRA’s request, and never ended up testifying for FINRA personnel.
FINRA Department of Enforcement eventually filed a Complaint against Cloutier, alleging that he failed to comply with FINRA’s investigatory requests. Despite the Complaints having been served on Cloutier, Cloutier failed to respond. FINRA’s Office of Hearing Officers found Cloutier to have defaulted in this regard, and found his conduct violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure confirms that Cloutier has been the subject of a customer initiated investment related complaint on November 4, 2003 where the customer requested $105,000.00 in damages supported by allegations that Cloutier failed to honor the customer’s instructions for the customer’s mutual fund holdings.
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