Call Now For a Free Consultation:
(614) 502-6165

Boston Broker David Manor Resigns From Wells Fargo, Faces FINRA Complaint

Financial Advisor David Manor (CRD# 6033220) is facing a FINRA complaint following allegations that he assisted a client in investing away from the brokerage firm. He voluntarily resigned from Wells Fargo Clearing Services, LLC in Boston in January 2018.  On December 7, 2018, FINRA made a determination to recommend that disciplinary action be brought against Manor. FINRA filed its complaint on April 16, 2019. 

FINRA Complaint Alleges “Unapproved Outside Business Activity”

Manor voluntarily resigned from Wells Fargo in February 2018. According to FINRA, Manor engaged in unapproved outside business activity with a Wells Fargo customer between February and November 2017.  FINRA alleges that Manor’s client, a then 75-year-old retiree, paid him $107,000 for selling mineral rights on his property. Manor failed to disclose the transaction to Wells Fargo in violation of FINRA Rules 2010 and 3270.

Manor is also accused of having convinced the same customer to use those proceeds to open a brokerage account at Charges Schwab, allow Manor to trade on his behalf, and split the profits – none of which was disclosed to Wells Fargo.

When the account was opened, Manor engaged in risky uncovered options trading, which FINRA alleges to have been unsuitable for the customer, who had moderate risk tolerance and no options trading experience. As a result, the complaint notes, Manor’s client lost roughly $224,000 in less than three months.

Selling Away, Unsuitable Investments & Firm Failure to Supervise

Brokerage firms have an obligation to supervise their brokers and protect customers and can potentially be held liable for failures to supervise employees when clients to suffer financial losses.

If you or someone you love has lost money investing with David Manor or another broker-advisor engaged in investment fraud or misconduct, Meyer Wilson is here to help. Our investment loss attorneys have earned a national reputation for our work helping wronged investors recover financial losses, and can help you learn more about your rights and options for a potential claim.

Call (800) 738-1960 or contact us online to speak with an attorney.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram