A former Wells Fargo broker registered with its independent firm from 2019 through last year agreed Friday to being barred from the securities industry after he failed to cooperate with an investigation by the Financial Industry Regulatory Authority Inc.
The broker, Jayson Pocius, was registered in Arlington Heights, Illinois, a suburb of Chicago, with Wells Fargo Advisors Financial Network when he was fired in May 2023, according to his BrokerCheck report. Pocius was "discharged" after he "admitted during review that funds from (a) client account were used for his personal benefit," according to Finra.
It was not clear how much money from the client account Pocius used. As part of the Finra bar and settlement, Pocius accepted Finra's findings without admitting or denying them.
Borrowing money from clients or taking funds without approval are common ways financial advisors get into trouble, first with their firms and then with securities regulators.
After leaving Wells Fargo, Pocius was registered as a broker with a Chicago-based firm, Great Point Capital, until last week, when he agreed to be barred from the industry. He refused to appear for on-the-record testimony requested by Finra, and violated industry rules, according to the Finra settlement.
In January, in connection with its investigation into the allegations involving Pocius, Finra had sent him a request for on-the-record testimony, according to the settlement. Through his lawyer, he replied he would not appear for testimony at any time.
Pocius' attorney, Douglas Hyman, did not respond to a request for comment. A spokesperson for Wells Fargo wrote in an email: "Wells Fargo respects FINRA’s disciplinary process."
Pocius began his career in the securities industry in 2012 with Edward Jones.
A former Wells Fargo Advisor broker in Salt Lake City, Louis Goff, was barred at the end of last year from the securities industry for not turning over information and documents that Finra wanted in its investigation.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
