Wells Fargo Terminates Advisor Over $60 Personal Expense

Posted on December 3rd, 2024 at 9:07 AM
Wells Fargo Terminates Advisor Over $60 Personal Expense

From the desk of Jim Eccleston at Eccleston Law

Wells Fargo Advisors recently terminated Charles J. Kraft, a 30-year industry veteran, over a $60 expense account infraction. According to a termination notice, Wells Fargo dismissed Kraft after discovering he instructed his assistant to charge roughly $60 for personal Federal Express expenses to the firm’s account. AdvisorHub reports that the filing specified that the charges were not client or investment-related.

Kraft began his career at William Blair & Co. in 1993, joining Wells Fargo in 2016 when Credit Suisse closed its U.S. brokerage operations. Following his departure, he affiliated with Cetera Investment Advisors.

Advisor Hub reports that, while FINRA typically has classified such expense account violations as conversion or theft, sometimes leading to bars from the securities industry, the regulator appears to have relaxed its approach to those infractions in recent years.

 

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

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