FINRA’s Department of Enforcement initiated an investigation into McCormick Jr. alleged misconduct. Specifically, FINRA investigated whether McCormick Jr. exercised discretion in several customer accounts without written authorization; borrowed money from an unrelated customer; and failed to disclose an outside business activity involving rental real estate. FINRA alleges all of this misconduct occurred without the knowledge or consent of Wells Fargo. In connection with this investigation, FINRA sent McCormick Jr. a request to provide testimony pursuant to FINRA Rule 8210. According to FINRA, McCormick Jr. failed to cooperate with the investigation.
Based upon the foregoing alleged misconduct, FINRA asserted McCormick Jr. violated FINRA Rules 2010 and 8210. Specifically, FINRA Rule 8210 authorizes FINRA, in the course of its investigations, to require persons associated with a FINRA member to “provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation...” Here, McCormick Jr. failed to provide information in response to FINRA’s request, thereby violating FINRA Rule 8210.
Lufrano Law, LLC is a national securities litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. If you suffered investment damages with McCormick Jr. while employed by Wells Fargo Financial Advisors Network, you may be able to recover your losses through FINRA arbitration. Our firm only receives a fee if you recover money. Please contact one of our attorneys at (800) 627-2179 to schedule a free consultation or complete our free case evaluator.