Fired Waddell & Reed broker barred by Finra

Paul D. Stanley was dismissed for violating the firm's professional conduct, supervisory and compensation policies.
MAR 15, 2017

The Financial Industry Regulatory Authority Inc. on Tuesday barred a former Waddell & Reed Inc. broker who was fired in January 2016 for violating the firm's professional conduct, supervisory and compensation policies. The broker, Paul D. Stanley, did not appear for on-the-record testimony requested by Finra. According to the settlement, Mr. Stanley neither admitted nor denied the settlement's findings. Mr. Stanley "failed to provide complete information during the firm's internal investigation," according to his BrokerCheck profile. He also "allowed" a rep "who was not properly licensed to participate in solicitation of investment advisory business" and "directed" a rep "to conduct firm business during an internal firm-imposed administrative suspension," according to BrokerCheck. He also "directly compensated" reps "outside of firm compensation policies." Mr. Stanley started his career in the securities industry in 1998. He was registered with eight firms before landing at Waddell & Reed in 2013. Mr. Stanley could not be reached for comment. A spokeswoman for Waddell & Reed, Nicole Russell, did not return a call for comment.

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