Yan Binder of Coral Springs, Florida, a stockbroker formerly registered with Wells Fargo Advisors Financial Network LLC, has been fined $10,000.00 and suspended for thirty days from associating with any FINRA member in any capacity based upon allegations that Binder used unauthorized devices to communicate with customers. Letter of Acceptance Waiver and Consent No. 2019064955001 (Aug. 18, 2022).
According to the AWC, while employed by Wells Fargo, Binder utilized a non-firm texting service to relay securities related business. He engaged in unauthorized correspondence with a customer of the securities broker dealer from August 2018 to May 2019, as Wells Fargo written supervisory procedures maintained that business communications done electronically could only be transmitted through authorized systems. Binder was sent a reminder of this policy in 2017.
Also due to Binder’s conduct, the correspondence with the customer was not preserved – and preservation of documents is required by Section 17(a) of Securities Exchange Act of 1934. Binder violated FINRA Rules 2010 and 4511 by causing Wells Fargo to maintain incomplete records and books.
Public Disclosure shows that on March 15, 2022, a customer initiated investment related FINRA securities arbitration claim involving Binder’s activities was settled for $300,000.00 in damages based upon allegations that Binder made excessive transactions and made misrepresentations about the customer’s investment account when Binder was associated with Wells Fargo Advisors Financial Network LLC. FINRA Arbitration No. 19-02571.
On December 5, 2019, Wells Fargo Advisors Financial Network LLC terminated Binder’s registration based upon allegations that Binder corresponded with customers through text messages contrary to the securities broker dealer’s policies.
From 2002 to 2015, Binder was associated with Oppenheimer Co. Inc. Since 2019, Binder has been associated with Morgan Stanley as a stockbroker and investment adviser representative.
