Silver Law Group is investigating former Wells Fargo Advisors, LLC (CRD# 19616) broker Robert T. Tuffy (CRD# 1201052) after FINRA barred him over unauthorized trading allegations.
According to Tuffy’s FINRA BrokerCheck report, FINRA suspended him in July 2016 for executing six trades in two accounts of a customer prior to receiving the customer’s authorization. FINRA and Tuffy entered into an Acceptance, Waiver & Consent (“AWC”) memorializing the sanction.
The suspension follows a termination of employment by Wells Fargo in October 2015, according to the BrokerCheck report.
Tuffy was based out of the East Brunswick, New Jersey Wells Fargo branch and was employed by Wells Fargo from September 2006 to November 2015.
A FINRA arbitration alleging excessive and unsuitable transactions was settled in February 2010, according to the BrokerCheck report. According to the AWC, Tuffy was ordered to pay a $5,000 fine and was suspended for 20 days. Tuffy is currently not licensed.
When a customer opens an account with a broker and brokerage firm, the customer can choose whether or not he or she wants to give the broker to trade discretionarily in order to capitalize as quickly as possible on an ever-changing market. Often times, customers choose to reserve that right and have the final “OK” before a broker facilitates a transaction.
Unauthorized trading occurs when a broker facilitates a transaction without the permission of the customer in a non-discretionary account. According to FINRA, it is one of the common investor issues along with misrepresentation, cold-calling, and unsuitability.
Unauthorized discretion is a serious form of broker misconduct. A broker’s employing firm is responsible for overseeing the broker to prevent such misconduct. If a broker happens to escape the brokerage firm’s oversight, the customer should not be responsible for the losses flowing from the misconduct.
FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unauthorized trading. We work on a contingency fee basis, meaning you pay us nothing unless we win and recover money for you.
If you have invested with Robert T. Tuffy and Wells Fargo Advisors and have lost money doing so, you may be able to recover some or all of your losses. Our lawyers are experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.