David Welty – Investor Alert
Galvin Legal is launching an investigation on behalf of investors who may have suffered losses investing with David Welty. If you suffered losses investing with David Welty, then Galvin Legal may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
David Welty (CRD# 6020910)
As of January 23, 2017, David Welty’s FINRA BrokerCheck Report contains the following:
Permanently Barred!
FINRA has permanently barred this individual from acting as a broker or otherwise associating with firms that sell securities to the public.
Disclosure Events
1 Regulatory Event(s) – 1/19/2017 – Final
Initiated By FINRA
Allegations: Without admitting or denying the findings, Welty consented to the sanction and to the entry of findings that he converted approximately $8,700 from an account at an affiliated bank of his member firm, with which he was also employed, and used the money for personal expenses. The findings stated that Welty opened an account for a memorial fund at the bank. The account was funded with donations in the amount of approximately $8,700. Welty transferred these funds to his personal account at the bank and used them for personal expenses.
Resolution: Acceptance, Waiver & Consent(AWC)
Sanctions: Bar (Permanent)
1 Employment Separation After Allegations
Firm Name Wells Fargo Advisors, LLC
Termination Type: Discharged
Allegations: Discharged by Wells Fargo Bank, NA (“WFNA”) for activity unrelated to the business of Wells Fargo Advisors, LLC. Specifically, allegations that banker withdrew funds from a WFNA customer account and used the funds for his benefit.
1 Judgment(s)/Lien(s)
Current and Previous Registrations
03/05/2012 – 12/27/2016 WELLS FARGO CLEARING SERVICES, LLC (CRD#:19616) – NORRISTOWN, PA
FINRA requires brokerage firms to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. Brokerage firms that fail to conduct adequate due diligence or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses investing with David Welty and would like a free consultation with a securities attorney, then please call Galvin Legal at 1-800-405-5117.
Galvin Legal is a national securities arbitration, mediation, fraud, and investor protection law practice. For more information on Galvin Legal, please visit www.galvinlegal.com or call 1-800-405-5117.
