Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 27, 2017 indicate that former Pennsylvania-based Wells Fargo Clearing Services broker David Welty has been sanctioned by FINRA and barred from acting as a broker or otherwise associating with firms that sell securities to the public. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Welty (CRD# 6020910).
David Welty has spent four years in the securities industry and was most recently registered with Wells Fargo Clearing Services in Norristown, Pennsylvania (2012-2016). He has no previous registrations. He has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination); Series 7 (General Securities Representative Examination); and Series 6 (Investment Company Products/Variable Contracts Representative Examination). He is currently not registered with any state or firm.
According to his BrokerCheck report, he has been sanctioned by FINRA and was discharged from his former employer.
In January 2017 FINRA sanctioned him following allegations he “converted approximately $8,700 from an account at an affiliated bank of his member firm, with which he was also employed, and used the money for personal expenses.” FINRA’s findings stated further: “Welty opened an account for a memorial fund at the bank. The account was funded with donations in the amount of approximately $8,700. Welty transferred these funds to his personal account at the bank and used them for personal expenses.” He was subsequently barred from acting as a broker or otherwise associating with firms that sell securities to the public.
In December 2016 he was terminated from his position at Wells Fargo following allegations he “withdrew funds from a WFNA customer account and used the funds for his benefit.”
If you or someone you know has a complaint regarding David Welty, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.