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Ex-Wells Fargo FA Suspended for Executing Trades for Dead Client Without Permission

A financial advisor that has already been booted by Wells Fargo has been suspended by FINRA for trading in a dead client’s account without permission. So reports Financial Advisor.

thumb down 1426814 640Michael McDermott of Mobile, Alabama, traded in a client’s account during the first four months of 2019 without permission. The trades were executed both before and after the client’s March 2019 death.

McDermott is also accused of falsifying notes, which, in turn, caused Wells Fargo to keep false records.

McDermott did not admit or deny guilt, but has agreed to a three-month suspension.

Read the full article from Financial Advisor.

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