Tag Archives: Chicago FINRA Lawyer

David Wells of Fifth Third

David Wells of Fifth Third in the Chicago area has surrendered his license after failing to comply with a regulatory investigation into his actions.  If you believe you have suffered losses due to the misdeeds of Wells please call 303-300-5022.  Initial consultation is free and confidential.  We believe his former employers may be responsible.

investingstockphoto 1In June of 2021, Wells resigned from First Third.  This was after admitting that he misappropriated funds from the accounts of three clients.  A brokerage is required to file a Form U5 upon a broker’s employment termination.  This form, filed with the regulators, identifies the circumstances surrounding the termination.  Upon the receipt of the Wells U5, the regulator FINRA began an investigation.  FINRA, the Financial Industry Regulatory Authority, acts under the oversight of the SEC.   This regulator is charged with the regulation of securities brokerages.  Brokers are required to cooperate with FINRA investigations.

Wells chose to not cooperate with the investigation and was barred from the securities industry as a result.  A regulatory settlement agreement identifies that Wells consented to this action.

Prior to his employ with Fifth Third Securities, Wells was a broker of Merrill Lynch.  Wells is relatively young with only four years of experience at the time of the action.  Brokerage firms generally are responsible for training and supervising such young attorneys to guard against negligence and misdeeds.