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Regulation and Compliance > Federal Regulation > FINRA

FINRA Bars Ex-Wells Fargo Rep for Not Cooperating With Inquiry

By Jeff Berman

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The Financial Industry Regulatory Authority barred an ex-Wells Fargo broker from association with any FINRA member in any capacity after he refused to cooperate with the regulator’s investigation into an investment-related customer complaint while with his former firm, according to FINRA.

Without admitting or denying the findings, Bryan E. Benson signed a letter of acceptance, waiver and consent April 16 in which he agreed to FINRA’s sanction. FINRA accepted the letter Monday.

Benson first became registered with FINRA in 1975 and, from September 2007 to January 2020, he was registered as a general securities representative through his association with Wells Fargo Clearing Services, according to FINRA.

On Jan. 3, Wells Fargo filed a Form U5, stating that Benson voluntarily terminated his registration with the firm Dec. 27, FINRA said in the AWC letter, without providing any specifics about the investment-related customer complaint. Wells Fargo declined to comment Tuesday.

The only disclosure listed on Benson’s profile at FINRA’s BrokerCheck website over the course of his 44 years in the industry was a customer complaint in which clients alleged unsuitable investments that were made June 30, 2016 and requested $1.3 million in damages. A settlement was reached in 2017 for $415,000, according to BrokerCheck, which also noted Benson was no longer registered as a broker or RIA.

On April 14, in connection with FINRA’s investigation into the investment-related customer complaint, FINRA staff sent a request to Benson for the production of information and documents, it said. However, as stated in his email to FINRA staff that same date, he acknowledged that he received FINRA’s request and would not produce the requested information and documents at any time.

By refusing to produce the information or documents as requested, Benson violated FINRA Rules 8210 (governing the provision of information and testimony) and 2010 (governing standards of commercial honor and principles of trade), FINRA said.

— Check out FINRA Panel Awards $11.4M After First Arb Hearing via Zoom on ThinkAdvisor.

Jeff Berman

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