National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“David Wells Fifth Third Securities”) into former Fifth Third Securities, Inc. broker David S. Wells in light of a recent disciplinary action disclosed by FINRA. On September 20, 2021, FINRA disclosed in a Letter of Acceptance, Waiver and Consent that it has barred former Fifth Third Securities broker David Wells (Chicago, IL) relating to his refusal to appear for on-the-record testimony and to provide information and documents requested pursuant to FINRA Rule 8210 and 2010.
What is a FINRA AWC?
According to FINRA Rule 9216, if FINRA’s Department of Enforcement has reason to believe a member or associated person has committed a violation, and that member or associated person does not dispute the violation, the Department of Enforcement may prepare and request that the member or associated person execute a Letter of Acceptance, Waiver and Consent (“AWC”).
The AWC contains several important details. For instance, the letter will describe:
- The act or practice engaged in or omitted;
- Relevant FINRA rules, regulations, or statutory provision violated; and
- The sanction or sanctions to be imposed
Ex-Fifth Third Securities Broker David Wells and the September 2021 AWC
On August 17, 2021, FINRA sent a request to David Wells to provide on-the-record testimony and a request to produce documents on August 24, 2021. FINRA’s request was in connection with an investigation into Wells’ potential misconduct while at Fifth Third Securities. David Wells failed to appear for his testimony and provide documents.
On August 24, 2021, FINRA sent a second request for Wells to provide testimony on August 31, 2021. On August 25, 2021, FINRA sent David Wells a second request to produce documents by September 1, 2021. Again, David Wells failed to appear for his testimony and provide documents. On September 3, 2021, David Wells emailed FINRA and stated he would not be cooperating in FINRA’s investigation.
As a result, FINRA barred David Wells from associated with any FINRA member in all capacities.
David Wells’s Resignation from Fifth Third Securities for Misappropriating Client Funds
David Wells was registered as a broker with Fifth Third Securities, Inc. (Chicago, IL) from June 2019 to July 2021. He previously was registered as a broker with Merrill Lynch (Mount Prospect, IL) from June 2017 to June 2019.
According to FINRA BrokerCheck, there is a disclosure reported by Fifth Third Securities for David Wells which contains the allegation that David Wells admitted misappropriating funds from three clients.
Invest with David S. Wells at Fifth Third Securities?
Former customers of former Fifth Third Securities broker David Wells (Chicago, IL) with investment losses that exceed $100,000, and those who may have information relating to the manner in which the broker handled their accounts, are encouraged to contact Lawrence L. Klayman, Esq., at (561) 542-5131, and download our Special Investor Report.
KT is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. KT has recovered more than $220 million for investors in FINRA arbitrations. KT has office locations in California, Florida, New York, and Puerto Rico.
Lawrence L. Klayman, Esq. (561) 542-5131