The Financial Industry Regulatory Authority suspended an ex-Wells Fargo broker for two months from association with any FINRA member in all capacities after he borrowed about $16,000 from a customer of the firm without notifying Wells Fargo, violating FINRA and Wells Fargo rules in the process, according to the regulator.
Without admitting or denying the findings, Paul Liebman signed a letter of acceptance, waiver and consent May 1 in which he agreed to FINRA’s suspension and a $5,000 fine. FINRA accepted the letter Tuesday.
Wells Fargo declined to comment Wednesday and there was no attorney representing Liebman listed on the AWC letter.
In 2014, Liebman became associated as a general securities representative with Wells Fargo Advisors Financial Network, according to FINRA. However, in February 2019, the firm filed a Form U5, reporting that it terminated Liebman’s association with the firm, effective Jan. 18 that year, because Liebman borrowed money from a customer.