Former Wells Fargo rep suspended for trading dead client's account

Former Wells Fargo rep suspended for trading dead client's account
Michael Garris, who executed 26 unauthorized transactions, was also fined $5,000.
JUL 23, 2019

The Financial Industry Regulatory Authority Inc. has suspended former Wells Fargo broker Michael Garris for one year and fined him $5,000 for executing unauthorized trades in the account of a client whom he knew had passed away. Finra said that Mr. Garris, who was discharged by Wells Fargo in June 2018, executed 26 unauthorized transactions, generating $9,313.07 in commissions, late in 2017 — six months after a nephew of one of his clients notified Mr. Garris that the client had died. Contrary to firm policy, Mr. Garris did not inform Wells Fargo of the client's death. (More: Finra arbitrators order Morgan Stanley to pay $3.3 million for concealing evidence)​ Wells Fargo subsequently reversed the unauthorized transactions, returning the accounts to their positions prior to the customer's death, and refunded all associated commissions. Mr. Garris is no longer employed in the securities industry. He began his career in 1987 at Drexel Burnham Lambert and worked at three other firms before joining Wells Fargo in Los Angeles in 2011. (More: Finra reaches settlements with 56 firms for overcharging customers on mutual funds)​

Latest News

Treasury hits BofA with $1.2B fine over money laundering violations
Treasury hits BofA with $1.2B fine over money laundering violations

“Today’s actions send a clear message that even the biggest financial institutions are not above the law,” said Treasury Secretary Scott Bessent.

The hidden cost of growing a firm without intention
The hidden cost of growing a firm without intention

To build a truly self-sustaining practice, enterprising advisors have to start with a vision of what they want to be – and accept the realities that come with building toward it.

Waverly, Apella buy $412M in RIA assets across Oregon, Northeast
Waverly, Apella buy $412M in RIA assets across Oregon, Northeast

Serial acquirers add a 35-year-old Oregon wealth manager and a New York practice focused on women navigating life transitions.

&Partners taps two UBS leaders to run its private wealth business
&Partners taps two UBS leaders to run its private wealth business

Mara Glassel and Julie Fox will co-lead the fast-growing hybrid RIA’s ultra-high-net-worth and private wealth businesses.

Citi sees Q3 profit jump as wealth unit books record $38B in net new assets
Citi sees Q3 profit jump as wealth unit books record $38B in net new assets

The banking giant's wealth arm extends its revenue streak as it pushes to exit consent orders weighing on growth since 2020.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

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