Stoltmann Law Offices is investigating Randall Girton, a former Wells Fargo broker who entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Girton was ordered to pay $12,500 in fines and suspended from the industry in any capacity for three months.
According to his AWC, Girton made an unsuitable recommendation to a customer, in that Girton recommended she liquidate all of her holdings, including recently purchased Class A mutual fund shares, and invest the proceeds in a proprietary investment advisory program offered by wells Fargo. This recommendation was not suitable for the client, and there was no basis for Girton to recommend that she do this, save for the fact that the transaction would garner additional fees and charges to the client. She was also charged up-front fees when the money was moved. For approximately 100 trades in her account, Girton did not obtain written authorization from the client, which is against FINRA rules and regulations.
Mr. Girton was registered with Morgan Stanley Smith Barney in Orland Park, Illinois from August 2010 until February 2012 and Wells Fargo in Orland Park from April 2012 until November 2013. He is not currently licensed within the industry. If you lost money with Randall Girton, please call our securities law office in Chicago, Illinois at 312-332-4200 to speak with an attorney. The call is free with no obligation. Wells Fargo, Girton’s former firm, may be sued in the FINRA arbitration forum to recover financial losses, as they had a duty to reasonably supervise Mr. Girton. We take cases on a contingency fee basis only.
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