What You Need to Know
- Wells Fargo terminated the ex-broker after he failed to close three outside brokerage accounts after being asked to do so multiple times.
- He then failed to disclose two more outside accounts he opened and continued trading in the accounts.
- FINRA imposed a $2,500 fine and three-month suspension, but he is no longer a registered broker or advisor.
The Financial Industry Regulatory Authority has fined and suspended an ex-Wells Fargo broker who was terminated by the wirehouse for failing to close three outside brokerage accounts despite being told to do so numerous times by the firm, according to FINRA.
Without admitting or denying FINRA’s findings, Jacob Popek signed a FINRA letter of acceptance, waiver and consent on Aug. 31 in which he consented to the imposition of a $2,500 fine and a three-month suspension from associating with any FINRA member in all capacities.
Popek is no longer registered as a broker or advisor, according to his report on FINRA’s BrokerCheck website, so the only way the suspension will take effect is if he registers again. FINRA signed the AWC letter Thursday.
Wells Fargo declined to comment on Monday. Popek did not immediately respond to a request for comment.
The Rep’s Admission
In November 2018, Popek registered as a general securities representative through an association with FINRA member Wells Fargo Clearing Services, according to FINRA.
On May 20, 2020, the firm filed a Form U5 Uniform Termination Notice stating that Popek was discharged on April 21, 2020, after he “acknowledged providing inaccurate information to his manager and Wells Fargo … regarding the status of a personal outside brokerage account.”