The Financial Industry Regulatory Authority suspended an ex-Wells Fargo broker from association with any FINRA member in any capacity for 18 months after he allegedly engaged in outside business activities involving cryptocurrency investments without notifying Wells Fargo and then provided false information to the wirehouse to conceal his actions, according to FINRA.
Without admitting or denying the findings, Ryan Matthew Davis signed a letter of acceptance, waiver and consent June 16 in which he agreed to FINRA’s suspension as well as its request that he pay a $15,000 fine. FINRA accepted the letter Wednesday.
Wells Fargo declined to comment Thursday.
Between April 2015 and January 2019, Davis was registered with Wells Fargo Clearing Services as a general securities representative, according to FINRA.
He was terminated Jan. 4, 2019, for attempting to “start a cryptocurrency company without disclosing his intent and requesting pre-approval from” Wells Fargo, according to a disclosure on his profile at FINRA’s BrokerCheck website that quoted the firm. He is no longer registered as a broker or RIA, according to BrokerCheck.