James Coleman McCormick Jr. of Harrisonburg Virginia a stockbroker formerly employed by Wells Fargo Advisors is referenced in a customer initiated investment related written complaint which had been resolved for $15,000.00 on December 5, 2016 based upon accusations that (1) foreign preferred stock and mutual fund trades were effected in the customer’s account in an excessive manner and (2) trades were placed without the customer’s authorization while McCormick was associated with Wells Fargo Advisors LLC.
FINRA Public Disclosure reveals that McCormick has been identified in three more customer initiated investment related disputes containing allegations of McCormick’s misconduct while employed with Scott Stringfellow Inc. and Wells Fargo Advisors Financial Network LLC. In particular, a customer filed an investment related complaint involving McCormick’s conduct in which the customer requested $30,000.00 in damages supported by accusations that while McCormick was associated with Scott Stringfellow Inc., trades were excessively executed in the customer’s account causing the customer losses.
Then, a customer initiated investment related complaint concerning McCormick’s activities was settled for $28,500.00 in damages founded on allegations of bad mutual funds being held in the customer’s investment account, and an unwarranted amount of trades being placed. Further, a customer filed an investment related complaint regarding McCormick’s activities where the customer sought more than $5,000.00 in damages based upon accusations of McCormick effecting trades without the customer’s consent, and McCormick disregarding the customer’s instructions concerning mutual fund allocations.
Moreover, McCormick has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that McCormick neglected to cooperate with a FINRA investigation in regards to allegations of (1) McCormick engaging in discretionary trades without consent from customers; (2) McCormick receiving funds from a customer of the firm through a lending arrangement; and (3) McCormick engaging in outside real estate-based activities without having apprised Wells Fargo Advisors. Letter of Acceptance Waiver and Consent No. 2015048249901 (July 15, 2016). Evidently, McCormick was instructed to testify under Rule 8210; however, McCormick denied FINRA’s request. Therefore, FINRA found McCormick’s conduct violative of FINRA Rules 2010 and 8210.
