Former Wells Fargo broker agrees to Finra ban

Wells Fargo & Co. broker Christopher John Pierce agreed to be barred from working with any firm registered with the Financial Industry Regulatory Authority Inc. after allegedly stealing from customers' banking accounts. Mr. Pierce, who was registered at broker-dealer Wells Fargo Advisors, took money from customers while employed at the same time as a personal banker at a Wells Fargo Bank branch in Pennsylvania, according to a letter accepted Monday by Finra. He scheme began at the start of March when he issued an instant debit card with a daily withdrawal limit of $1,500 under the name of a Wells Fargo Bank customer, the document shows. Mr. Pierce used the card to make two unauthorized ATM withdrawals totaling $1,380 for his personal use. After a complaint was made at the branch office, he replenished the account with funds from another customer without consent. Mr. Pierce, who registered with Wells Fargo Advisors in January 2014, was terminated from the firm in March, according to the document. He agreed in the letter of consent to be barred from associating with any Finra member. He neither admitted nor denied the self-regulatory organization's findings. Emily Acquisto, a spokeswoman for Wells Fargo Advisors, declined to comment. Before working at Wells Fargo Bank in Exton, Pa., Mr. Pierce was employed by PB&J Costume Rentals in Ridley Park, Pa., from April 2010 to December 2013, according to Finra's BrokerCheck. He was registered with brokerage firm Vanguard Marketing Corp. in Malvern, Pa., from June 2006 to December 2013. While registered at Vanguard, Mr. Pierce was employed from November 2011 to November 2012 at Ignite/Stream Energy in Dallas, BrokerCheck shows.