John Wendland Handy Jr., Jonathan Craig Timson and Dennis Walker recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) in which the regulatory authority fined them $60,000 and suspended all of them from association with any member firm for 18 months. All three men were Wells Fargo Financial Advisors brokers, and operated under the name Walnut Capital Management. Wells Fargo terminated all three advisors for failing to disclose the nature of their relationship with Signal Point Asset Management. Wells Fargo denied their request to hold ownership in Signal Point, yet the men engaged in outside business activity with the firm, anyway. Handy, Timson and Walker made all important personnel decisions at Signal Point and engaged in private securities transactions with the firm, which is a violation of securities law. This is known as “selling away” and occurs when a broker sells other securities without the knowledge and/or approval of his firm.
John Wendland Handy Jr. was registered with Merrill Lynch in Madison, Wisconsin from April 1987 until March 2007, and Wells Fargo also in Madison from March 2007 until August 2013. Jonathan Craig Timson was registered with Prudential, Pruco Securities, Merrill Lynch in New York, New York, Morgan Stanley and Wells Fargo in Springfield, Missouri from March 2007 until August 2013. Dennis Walker was registered with Merrill Lynch in New York, Morgan Stanley in Overland Park, Kansas and Wells Fargo in Springfield Missouri from March 2007 until August 2013. None of the men are currently registered with any member firm.
If you were a client of Wells Fargo, Walnut Capital Management, Handy, Timson or Walker and you suffered investment losses because of it, please call us at 312-332-4200 to speak to an attorney about your options. Wells Fargo can be sued to recover investment losses, because they had a duty to reasonably supervise Handy, Timson and Walker while they were employed with them. We sue firms such as Wells Fargo to recover money for investors.
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