Craigg McRae: FINRA Suspends Ex-Wells Fargo Advisor

Elma, New York financial advisor Craigg McRae (CRD# 4697209) was recently sanctioned and suspended in connection with alleged rule violations. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former Wells Fargo broker is currently registered as an investment advisor with International Assets Investment Management.

A Letter of Acceptance, Waiver, and Consent (No. 2024083542701) describes FINRA’s disciplinary action against Mr. McRae. Filed in June 2026, it states that he “exercised discretion without written authorization in six customers’ accounts.” The customers allegedly “knowingly permitted” him to do so, but he had not obtained prior written authorization from Wells Fargo, which “had not accepted the accounts as discretionary.” FINRA found that his use of discretion “extended beyond time and price discretion, and included exercising discretion with regard to which securities to purchase and sell and in what amounts.” He also allegedly made an inaccurate statement in a firm compliance questionnaire, representing that “he had not exercised discretion in customer accounts.”

The AWC Letter also describes the FINRA rule governing the use of discretion in customer accounts. Known as FIRNA Rule 3260(b), it states that representatives shall not “exercise any discretionary power in a customer’s account” unless they have prior written authorization from the customer and the firm’s written acceptance of the firm as discretionary. Violations of Rule 3260(b) are also considered violations of FINRA Rule 2010, “which requires associated persons to observe high standards of commercial honor and just and equitable principles of trade in the conduct of their business.” Finding that Mr. McRae violated these rules, FINRA issued him a 15-day suspension and ordered him to pay a fine of $5,000.

Mr. McRae’s BrokerCheck report discloses his termination from Wells Fargo. Filed in 2024, the disclosure states that the firm fired him after “multiple allegations including use of discretion in trading and mismarked trade confirmations.”

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Craig McRae holds 22 years of securities industry experience. Based in Elma, New York, he has been registered as an investment advisor with International Assets Investment Management since January 2025. His registration history includes Wells Fargo (2014-2024) and Edward Jones (2003-2014). His credentials include the passage of five securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; the Uniform Investment Adviser Law Examination, or Series 65; the General Securities Principal Examination, or Series 24; and the General Securities Representative Examination, or Series 7. He is registered as an investment advisor in New York. (Information current as of July 1, 2026.)

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