FINRA Suspends Wells Fargo Advisor for Downloading Confidential Customer Information from Prior Employer

Posted on April 15th, 2014 at 10:30 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

FINRA enforcement has sanctioned a Wells Fargo Advisor with a 90-day suspension for taking more information than is allowed when he left a credit union affiliated with Raymond James Financial Services to join Wells Fargo Advisors (then Wachovia Securities) in late November 2008.

Prior to resigning from the credit union, where Steven Tomlinson had worked as manager of the investment services group as well as a Raymond James branch manager, Tomlinson allegedly used a personal flash drive to download confidential customer information, including account balances, social security numbers, dates of birth, and quarterly account statements. Of the 2,000 customers whose information he downloaded, only about 200 were his clients.

According to FINRA, Tomlinson provided the flash drive to a Wells Fargo administrative assistant so she could create mailing labels for announcements that he had joined Wells Fargo. While she worked with the flash drive, Tomlinson did not supervise the administrative assistant, and never informed her that the drive contained confidential information, was unencrypted and was not password protected. 

This disciplinary decision underscores the need for reps to hire competent financial services employment attorneys to effectuate a move from one firm to another firm.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

You were most helpful with my FINRA deposition. You are a good lawyer and a good person.

Dan B.

LATEST NEWS AND ARTICLES

September 26, 2023
Looming Real Estate Crisis Poses Risk to U.S. Banking Sector

With the current downturn in the commercial real estate market, trillions of dollars in loans and investments pose a looming threat to both the banking industry and potentially the broader economy.

September 25, 2023
Legal Challenges Over 'Money-for-Nothing' Payments Gain Momentum

Apollo Global Management and Carlyle Group, two major private equity firms, now face investor lawsuits regarding payments made to insiders without apparent justification.

September 22, 2023
State Regulators Maintain Opposition to FINRA's Remote Supervision Pilot Program

The North American Securities Administrators Association (NASAA) and the Public Investor Advocate Bar Association (PIABA) has consistently opposed the Financial Industry Regulatory Authority's (FINRA) proposal for a voluntary three-year pilot program for remote inspections.