FINRA Suspends Former Wells Advisor Over Outside Brokerage Accounts

Posted on September 16th, 2021 at 1:06 PM
FINRA Suspends Former Wells Advisor Over Outside Brokerage Accounts

From the Desk of Jim Eccleston at Eccleston Law:

The Financial Industry Regulatory Authority (FINRA) has suspended a former Wells Fargo advisor for three months and issued a fine of $2,500 for allegedly failing to disclose personal outside brokerage accounts to the firm. The St. Louis-based advisor, Jacob Popek, failed to close at least three outside brokerage accounts after joining the firm in October 2018. According to FINRA, Popek also controlled two additional outside brokerage accounts and failed to disclose the accounts on a December 2019 firm compliance questionnaire. 

Popek violated FINRA Rule 3210, which restricts advisors from controlling outside brokerage accounts absent firm approval. Furthermore, Popek breached FINRA Rule 2010, which mandates that advisors maintain high standards of commercial honors and equitable principles of trade. Popek settled the claim without admitted or denying FINRA’s allegations, according to the settlement letter. According to BrokerCheck, Popek split time at TD Ameritrade and Scottrade prior to joining Wells Fargo in 2018. Popek’s official title at Wells Fargo was “investment resource consultant”, according to Popek’s LinkedIn profile. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, finra, wells fargo, suspended advisor

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