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.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
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