Jerry Wells (CRD#: 1015358), a registered representative with Sagepoint Financial, Inc. (CRD#: 133763) in Rochester, New York, has been suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA), according to his BrokerCheck record accessed on January 22, 2020.
On December 4, 2019, Jerry Wells entered into an Acceptance, Waiver, and Consent (AWC) with FINRA, the Financial Industry Regulatory Authority, consenting to FINRA’s findings that he “falsely represented that variable annuities purchases were not variable annuities replacements.” FINRA found that he submitted variable annuity applications that falsely stated that the recommended variable annuities would not alter or replace any existing variable annuities. However, Wells knew that proceeds from other variable annuities were funding the recommended variable annuities. He also caused his firm to maintain inaccurate books and records by failing to complete the proper replacement forms. As a result, FINRA suspended Jerry Wells from the securities industry from January 6, 2020 to March 5, 2020. A copy of Jerry Wells’s AWC can be viewed here.
This is not the first time Jerry Wells has come under fire for potential misconduct related to variable annuities. On April 7, 2008, a client filed a customer complaint against Jerry Wells, alleging that a variable annuity she purchased in December 2007 was not suitable because of a seven-year surrender charge. The matter was settled for $7,860.62.
On April 11, 2016, MetLife terminated Jerry Wells because the firm found that he failed to disclose required information on new business applications. The firm also found that he failed to follow firm policy regarding customer signatures.
On May 24, 2017, a customer filed a complaint against Jerry Wells regarding a variable life insurance policy purchased in April 1998. The customer alleges that Jerry Wells misrepresented the variable life insurance policy. The matter was settled for $15,280.42, the value of the premiums paid into the variable life insurance policy.
Over his 37-year career in the securities industry, in addition to Sagepoint Financial, Inc. (CRD#: 133763), Jerry Wells has worked for the following broker-dealers:
- MetLife Securities Inc. (CRD#: 14251)
- Metropolitan Life Insurance Company (CRD#: 4095)
- Pruco Securities Corporation (CRD#: 5685)
- The Prudential Insurance Company of America (CRD#: 680)
- Brent Capital Corp. (CRD#: 18518)
- Essex Capital Markets, Inc. (CRD#: 11896)
If Jerry Wells was your broker and you have concerns about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email email@example.com for your free case consultation.