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Barred Wells Fargo FA Owes Back $1.5M in Loans: Finra  

A now-barred Wells Fargo financial advisor owes the firm almost $1.5 million, a Financial Industry Regulatory Authority arbitration panel has ruled, apparently relating to loans provided as recruitment incentives for new employees. So reports Financial Planning.

finra 2Scott Reed agreed to a permanent Finra industry bar in 2021, admitting that he had steered clients toward $3.5 million or more in private securities transactions without the approval of Wells Fargo’s advisory arm.

Reed started with Wells Fargo Clearing Services in Scottsdale, Arizona, in 2016, and stepped down in 2020.

Read the full article from Financial Planning.

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