Finra bars ex-Wells Fargo broker firm accused of theft  

Finra bars ex-Wells Fargo broker firm accused of theft  
“We’ve done scores of theft cases over the years and it’s a cancer," said one attorney.
APR 29, 2024

The Financial Industry Regulatory Authority Inc. on Friday barred a former Wells Fargo Advisor broker who left the firm in 2018 but was recently accused of theft by his former employer.

The broker, Andrew Egber, worked at Wells Fargo Advisors until 2018, when he and two other advisors jumped to Steward Partners Investment Solutions, a financial advisor aggregator, in Rockville, Md. where they managed $230 million in clients assets, according to an online report.

He could not be reached Monday morning at the Egber-Lopez Investment Group, where the advisor formerly worked, and no new phone number was available.

Egber was barred from the securities industry not for any theft allegations but instead over procedural matters; he refused to produce information and documents requested pursuant to industry rules, according to the Finra settlement, a violation that results in financial advisors being barred from the securities business.

Egber accepted Finra's findings without admitting or denying them, according to the Finra order.

Also in the Finra settlement, the regulator noted that Wells Fargo in March had started an internal review related to the advisor; the firm was "reviewing allegations of possible theft of client funds" by Egber.

A spokesperson for Wells Fargo Advisors did not return a call Monday morning to comment.

A spokesperson for Steward Partners also did not return a call to comment.

"The fact that a financial advisor doesn't show up at a Finra hearing may be perceived as a de facto admission of guilt, and perhaps he could be using the money of a Finra arbitration lawyer on other counsel," said Andrew Stoltmann, a plaintiff's attorney. "You can have a good team of financial advisors, but one bad apple can ruin it for the everyone. And the other team members may be open to liability for any potential theft."

“We’ve done scores of theft cases over the years and it’s a cancer," said Adam Gana, also a plaintiff's attorney. "If one person on a team is accused of such serious actions, always check out the others."

According to his BrokerCheck report, Egber has one pending customer dispute filed against him in February, a denied customer dispute form 2001, and three financial matters from 2016 that are closed.

In the recent client issue, the allegation against Egber is clients' complaints "that they made an outside investment through the financial advisor and would like to be made whole on funds that were not returned." That client issue dates back to May 2017, before Egber moved to Steward Partners.

Brace for churn this summer as fear, volatility return to market

Latest News

Merrill to pay $39 million in cash sweep settlement
Merrill to pay $39 million in cash sweep settlement

The financial advice industry has been facing inquiries into its cash sweep programs for years now.

SEC accuses fund advisor of defrauding SpaceX, OpenAI investors
SEC accuses fund advisor of defrauding SpaceX, OpenAI investors

Investor money allegedly went to strip clubs, exotic cars, and landscaping

RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey
RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey

Procyon adds $415 million in assets under management in New Jersey while Savant picks up a $213 million Southern California planning firm

Beyond sell or inherit: A third exit for appreciated property
Beyond sell or inherit: A third exit for appreciated property

With a growing number of real estate-rich Baby Boomers aging into retirement, some advisors may be failing to consider all the options available for those clients' assets.

AI marketing adoption gap costs financial firms revenue
AI marketing adoption gap costs financial firms revenue

Cornerstone Advisors study reveals compliance bottlenecks stall campaigns weeks after customer opportunities close.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains