Finra bars former Wells Fargo broker for insider trading
Joseph Pratt of Conshohocken, Pa., used private information from clinical trials.
The Financial Industry Regulatory Authority Inc. has barred Joseph Pratt, who most recently was a broker at Stifel Nicolaus in Conshohocken, Pa., for trading insider information dealing with biopharmaceutical clinical trials in 2013 and 2014.
The findings stated that although Mr. Pratt received approval to make a one-time personal investment in a speculative company, he did not provide his firm at the time — Wells Fargo Advisors — with prior written notice. He also failed to provide prior written notice or obtain approval for his investments of $119,000 in shares of the company away from the firm.
Mr. Pratt resigned from Wells Fargo in November 2014 concurrent with the firm’s review of his relationship with two outside companies. He accepted the findings of the Finra investigation in its letter of acceptance, waiver and consent.
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