The Financial Industry Regulatory Authority Inc. has barred Robert F. Montes, a former Wells Fargo adviser, for failing to cooperate with an inquiry concerning his possible misuse of customer funds.
Mr. Montes, who was registered with Wells Fargo from July 2003 to February 2014, was asked by Finra about his conduct in early 2019, after the regulator received a tip alleging that Mr. Montes may have misused the assets of an elderly customer. Mr. Montes' attorney responded to Finra's requests for documents by saying that Mr. Montes would not produce the documents or any information requested. That decision led to Mr. Montes' bar.
After leaving Wells Fargo in 2014, after 10 years with the firm, he moved to Morgan Stanley until he left earlier this year. He is no longer employed in the securities industry.
Mr. Montes began his career in 1977 at Merrill Lynch and later worked at firms including Oppenheimer, EF Hutton, Salomon Smith Barney and Prudential Securities.