Former Wells Fargo Clearing Services, LLC Broker Stephen Kelbick Accused of Discretionary Trading
Posted on Tuesday, November 19th, 2019 at 2:39 pm
Erez Law is currently investigating former Wells Fargo Clearing Services, LLC broker Stephen Kelbick (CRD# 1429133) regarding discretionary trading in customer accounts. Kelbick was registered with Wells Fargo Clearing Services, LLC in Villanova, Pennsylvania from 2013 to 2017, when he was terminated regarding, “Discharged for entering certain trades without first speaking with clients about the specific transaction.” Previously, Kelbick was registered with Morgan Stanley in Blue Bell, Pennsylvania from 2009 to 2013.
In August 2019, Kelbick was suspended by FINRA for 15 days after he consented to the sanctions and to the entry of findings that he exercised discretionary trading authority and effected trades in the account of Wells Fargo Clearing Services, LLC’s customer without having obtained prior written authorization from the customer or approval from Wells Fargo Clearing Services, LLC to treat the account as discretionary.
Kelbick has been the subject of three customer complaints between 2000 and 2016, one of which was denied, according to his CRD report:
November 2016. “Client verbally alleged that the financial advisor did not invest in the agreed upon ETF portfolio. (3/30/2015).” The case was settled for $24,000.
June 2016. “Claimant alleges that FA engaged in excessive, unsuitable and unauthorized trading in January of 2015.” The case was settled for $6,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Wells Fargo Clearing Services, LLC may be liable for investment or other losses suffered by Kelbick’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.