According to a recent InvestmentNews article, former Waddell & Reed broker Paul D. Stanley was barred from the industry by the Financial Industry Regulatory Authority (FINRA). Stanley was accused of violating his firm’s professional conduct, supervisory and compensation policies. He “allowed a rep who was not properly licensed to participate in solicitation of investment advisory business and directed a rep to conduct firm business during an internal firm-imposed administrative suspension,” according to his FINRA BrokerCheck report. These are against industry rules. Stanley’s former firm, Waddell & Reed, can be held liable for investment losses because the firm had a duty to supervise him while he was registered there. Please call 312-332-4200 to speak to one of our securities attorneys today. The call is free with no obligation. We may be able to help you bring an arbitration claim against the firm in the FINRA forum on a contingency fee basis, which means we do not get paid unless you recover money.
Stanley was previously registered with Dean Witter Reynolds, Raymond James, Vision Investment Services, UVest Financial Services, UBS, Lincoln Financial, Chase Investment Services, JP Morgan and Waddell & Reed in Edmond, Oklahoma from October 2013 until January 2016. He is currently not registered within the industry.
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