Securities Arbitration Lawyers BlogAn Investigation into David Wesley Wells Results in a Permanent Bar from the Securities Industry
The former Mid Atlantic broker was accused of violating his duty as a trustee
Earlier this year, the Financial Industry Regulatory Authority (FINRA) began investigating David Wesley Wells due to allegations that he misappropriated funds from at least one client. When Wells refused to give FINRA the information it needed, the agency permanently barred him. This means that he can no longer have anything to do with firms that sell securities.
Wells began his brokerage career in 1999 when he went to work for Mid Atlantic Capital Corporation in Hanover, Pennsylvania. In 2002, while still with Mid Atlantic, he also began working for Counsel Trust Group, and independent contractor office. It was a Counsel customer who charged him with misappropriation. According to FINRA’s BrokerCheck report, when Mid Atlantic discovered the allegations against Wells, he was terminated.