Gary Gray, a former Las Vegas-based Wells Fargo broker was suspended from the industry for three months by the Financial Industry Regulatory Authority (FINRA). He was also fined $10,000. Allegedly, Gray exercised discretion in effecting 236 trades in accounts maintained by eight of his member firm’s clients without obtaining prior written authorization from the clients to exercise discretion in their accounts and without the firm having approved any of the accounts for discretionary trading. He also allegedly falsely certified in a firm Registered Asssociation Compliance Questionnaire that he did not have any accounts in which he exercised trading discretion, including time and price discretion. He also caused his firm to maintain inaccurate books and records because he allegedly marked 12 order tickets for clients as unsolicited, when, in fact, they were solicited. These are all against securities laws and Wells Fargo internal firm rules.
If you or someone you know lost money with Gary Gray, you may be able to recover those losses in the FINRA arbitration forum on a contingency fee basis, which means we only make money if you recover yours. Attorneys are standing by to take your call for free. There is no obligation. Wells Fargo may be liable for losses because the firm has a duty to reasonably supervise its employees while they are registered there, so as not to let them transgress. We have brought claims against Wells Fargo because of the violations of Peter Malis, Shelley Freeman, and others.
Gary Raymond Gray was previously registered with Bateman Eichler, Hill Richards from May 1987 until October 1988, Painewebber in Weehawken, New Jersey from October 1988 until January 2000, Prudential Securities in New York, New York from January 2000 until July 2003 and Wells Fargo in Las Vegas, Nevada from July 2003 until June 2017. He has one customer dispute against him, has been suspended, and is not currently registered as a broker. This is according to his online, FINRA BrokerCheck report. Please call today.
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