Adam Thomas Marquardt of Rochester Minnesota a stockbroker formerly registered with Wells Fargo Advisors Financial Network has been terminated on July 22, 2020 founded on accusations that he executed unauthorized transactions to address losses incurred by customers.
Financial Industry Regulatory Authority (FINRA) Public Disclosure also confirms that Marquardt is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $115,855.81 in compensatory damages supported by Wells Fargo Advisors Financial Network being found liable for causing the customer’s losses. FINRA Arbitration No. 17-00852 (Feb. 16, 2018).
The Statement of Claim contains allegations of breach of fiduciary duty and negligence in regard to the customer’s investments in Exco Resources, Cliff’s Natural Resources, MidStates Petroleum and other risky investments. According to the claim, mutual fund trades were effected in the customer’s account on a short-term basis, and transactions were unsuitable. A contract between the customer and the securities broker dealer had allegedly been breached, and the customer was defrauded. Misrepresentations and omissions had allegedly been made by the stockbroker. The claim also alleges violation of Minnesota Consumer Fraud Act, Uniform Deceptive Trade Practices Act, and Minnesota Securities Act.
Marquardt’s stockbroker and investment adviser representative registrations with Wells Fargo have been terminated as of August 21, 2020. Since August 10, 2020, he has been a stockbroker and investment adviser representative of Cetera Advisors LLC.