Articles Tagged with AWC

Christopher Wurtzinger (CRD #: 1921024), a broker registered with American Trust Investment Services and an investment adviser registered with Sorsby Financial Corporation, was recently suspended by the Financial Industry Regulatory Authority (FINRA).  Christopher Wurtzinger is also the subject of a client dispute regarding account churning, unauthorized trading, fraud, and breach of fiduciary duty, according to his BrokerCheck record, accessed August 19, 2020. Do you have questions about Christopher Wurtzinger’s conduct as a broker? Keep reading to learn more.

On June 18, 2020, Christopher Wurtzinger entered into an Acceptance, Waiver, and Consent agreement with FINRA wherein he consented to the findings that he failed to conduct a reasonable analysis into whether he engaged in an outside business activity, or whether it should be treated as an outside securities activity. Christopher Wurtzinger consented to a suspension of four weeks, beginning on July 20, 2020, and ending on August 16, 2020. Christopher Wurtzinger has submitted a sworn financial statement and demonstrated an inability to pay, and in light of his financial status, FINRA has not imposed a monetary sanction. A copy of Christopher Wurtzinger’s AWC can be viewed here.

On August 23, 2017, a client alleged that Christopher Wurtzinger had engaged in churning, unauthorized trading, fraud, and breach of fiduciary duty. The client is seeking $5,001 in damages; the dispute is pending.

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.

Jerry Wells
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.

Next FinancialAccording to records provided by the Financial Industry Regulatory Authority (FINRA), Texas-based brokerage and advisory firm Next Financial has submitted a letter of Acceptance, Waiver and Consent (AWC Letter) to settle allegations of misconduct. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Next Financial (CRD# 46214).

Formed in Virginia in 1998, Next Financial is headquartered in Houston, Texas and registered with 53 US states and territories. Barry Knight is President and Chief Executive Officer; Leslie Jallans is Chief Compliance Officer; Philip Smith is Chief Financial Officer and Financial Operations Principal; Christopher Mueller is Senior Vice President and Chief Operations Officer. Continue Reading

According to records provided by the Financial Industry Regulatory Authority (FINRA), Minnesota-based brokerage and advisory firm Woodbury Financial Services has signed a letter of Acceptance, Waiver, and Consent (AWC letter) alleging violations of misconduct. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Woodbury Financial Services (CRD# 421).

FINRA’s allegations (AWC No. 2014041842001) state that Woodbury Financial Services “failed to apply sales charge discounts to certain customers’ eligible purchase of unit investment trusts (UITs). The firm additionally allegedly failed to establish and enforce supervisory procedures to ensure that customers receive relevant discounts. Continue Reading

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