Adam Thomas Marquardt (CRD# 5307192) has been permanently barred from working as a financial advisor or associating with any FINRA member in all capacities as of July 21, 2022, according to a recently issued FINRA AWC. His permanent bar is a result of his refusal to provide on-the-record testimony pursuant to FINRA Rule 8210, in violation of FINRA Rules 8210 and 2010.
National investment fraud lawyers KlaymanToskes are investigating (“Adam Marquardt Wells Fargo Investigation”) former Wells Fargo broker Adam Marquardt in light of his recent bar from the securities industry. After leaving his employ at Wells Fargo, and until the recent permanent industry termination, Adam Thomas Marquardt was working at Cetera Advisors LLC.
Adrian Thomas Marquardt was under internal review by Wells Fargo for depositing cashier’s checks into investors’ accounts to cover certain clients’ investment losses without the knowledge or authorization of Wells Fargo. On July 22, 2020, while Wells Fargo’s review of Adrian Marquardt’s alleged impropriety was ongoing, Adrian Marquardt voluntarily resigned from Wells Fargo.
According to the Financial Industry Regulatory Authority (“FINRA”), brokerage firms are responsible for the supervision of all the activities of its financial advisors. FINRA rules require the supervision of financial advisor as well as compliance with the securities industry standards of care for the handling of customer accounts, including but not limited to, client transactions. Thus, Wells Fargo’s internal review was a normal response to Adrian Thomas Marquardt’s alleged improper deposits.
When he resigned from Wells Fargo, Wells Fargo filed a Uniform Termination Notice for Securities Industry Registration form, otherwise known as a Form U5 (“U5”). The Form U5 filing is required to be filed within 30 days of the termination of an employee’s leaving a brokerage firm.
The Form U5 informed FINRA that Adam Thomas Marquardt voluntarily resigned. The U5 also stated that Mr. Marquardt was under internal review for allegations of depositing “… cashier’s checks into client accounts in part to cover certain clients’ investment losses” without knowledge or authorization of Wells Fargo.
When the U5 was filed, it triggered an investigation by the Financial Industry Regulatory Authority (“FINRA”). Adrian Thomas Marquardt was called to appear for on-the-record testimony on June 22, 2022. He failed to appear on the scheduled date. FINRA issued a second request to appear. This time, Adrian Thomas Marquardt responded through his attorney acknowledging that he received the request and refusing to appear for on-the-record testimony now or in the future.
FINRA Rule 8210 gives FINRA the authority to require anyone subject to FINRA’s jurisdiction to provide written or verbal information related to an investigation, complaint, examination or proceeding. A failure to provide information and/or testimony requested is a violation of FINRA Rule 8210. Adrian Thomas Marquardt’s refusal to response to FINRA’s request for on-the-record testimony was a blatant violation of FINRA Rule 8210.
As a result of his refusal to cooperate with FINRA’s request for on-the-record testimony, Adrian Thomas Marquardt has executed a letter of Acceptance, Waiver, and Consent (“AWC”). According to the AWC, Adrian Thomas Marquardt been permanently barred from associating with any FINRA member in all capacities. In other words, he is unable to ever work at a brokerage firm, regardless of the position. The permanent bar in working with any FINRA member in any capacity is effective as of July 21, 2022.
When FINRA’s Department of Enforcement has reason to believe a violation has occurred and the 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 accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member’s or associated person’s right to a hearing before a Hearing Panel or, if applicable, an Extended Hearing Panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted.
The letter describes the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.
Former customers of Adrian Thomas Marquardt with losses in excess of $100,000, and those who have information relating to the manner in which Adrian Thomas Marquardt handled customer accounts, are encouraged to contact Lawrence L. Klayman, Esq., at 1-888-997-9956, and download our Special Investor Report.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm represents all investors who have lost money due to financial fraud or mismanagement. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com