Fired Waddell & Reed broker barred by Finra

Paul D. Stanley was dismissed for violating the firm's professional conduct, supervisory and compensation policies

Mar 15, 2017 @ 12:40 pm

By Bruce Kelly

+ Zoom

The Financial Industry Regulatory Authority Inc. on Tuesday barred a former Waddell & Reed Inc. broker who was fired in January 2016 for violating the firm's professional conduct, supervisory and compensation policies.

The broker, Paul D. Stanley, did not appear for on-the-record testimony requested by Finra. According to the settlement, Mr. Stanley neither admitted nor denied the settlement's findings.

Mr. Stanley "failed to provide complete information during the firm's internal investigation," according to his BrokerCheck profile. He also "allowed" a rep "who was not properly licensed to participate in solicitation of investment advisory business" and "directed" a rep "to conduct firm business during an internal firm-imposed administrative suspension," according to BrokerCheck. He also "directly compensated" reps "outside of firm compensation policies."

Mr. Stanley started his career in the securities industry in 1998. He was registered with eight firms before landing at Waddell & Reed in 2013.

Mr. Stanley could not be reached for comment. A spokeswoman for Waddell & Reed, Nicole Russell, did not return a call for comment.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Consuelo Mack WealthTrack

How to maximize the effectiveness of your charitable giving

Donor-advised funds let you take the tax deduction for charitable donations now, while postponing when you give the money away. Pamela Norley, president of Fidelity Charitable, and Elda Di Re, partner at Ernst & Young, discuss the strategy.

Latest news & opinion

Will Jeffrey Gundlach's Trump-like approach on Twitter work in financial services?

The DoubleLine CEO's attacks on Wall Street Journal reporters is igniting a discussion on what's fair game on social media.

Plaintiffs win in Tibble vs. Edison 401(k) fee case

After a decade of activity around the lawsuit, including a hearing before the U.S. Supreme Court, judge rules a prudent fiduciary would have invested in institutional shares.

Advisers get more breathing room to make Form ADV changes

RIAs can enter '0' in some new parts of the document before their annual filing next year.

Since banking scandal, Wells Fargo advisers with more than $19.2 billion leave firm

Despite a trying year, the firm has said it will sweeten signing bonuses for veteran advisers.

Is LPL's deal sweet enough for NPH's 3,200 reps and advisers?

They will have to decide if the signing package they are being offered by LPL makes sense. A lot is hanging in the balance.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print