Hauppauge, New York financial advisor Jason Walsh (CRD# 5758243) is involved in an investor complaint alleging damages of more than...Read More
Charles Shields Jr.: Why Did FINRA Investigate Wells Fargo Advisor?
A recent investigation against Wayne, Pennsylvania financial advisor Charles Shields Jr. (CRD# 2067177) concerned allegations that he engaged in unauthorized trading. Financial Industry Regulatory Authority records show that the Wells Fargo Clearing Services broker and investment advisor has also received an investor complaint that reached a six-figure settlement.
A disclosure on Mr. Shields’ BrokerCheck report describes a FINRA investigation against him. Filed in May 2023, the disclosure states that the investigation concluded with a “ a preliminary determination to recommend that disciplinary action be brought.” The action would concern allegations that he violated FINRA Rule 2010 by effecting seven unauthorized transactions in a customer’s account.
Mr. Shields’ BrokerCheck report also discloses a customer complaint against him. Filed in 2019, it alleges that as a representative of Wells Fargo Clearing Services, he “failed to take reasonable steps to ensure [the] Plaintiff’s identity and authorization when opening a brokerage account.” In 2021 the complaint reached a settlement of $255,000.
According to the Financial Industry Regulatory Authority, Charles Shields Jr. holds 32 years of securities industry experience. Based in Wayne, Pennsylvania, he has been a broker and an investment advisor with Wells Fargo Clearing Services since 1999. His past registrations include First Union Capital Markets (Charlotte, North Carolina; 1991-1999) and Butcher & Singer (1990-1991). His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Alabama, California, Delaware, Florida, Georgia, Illinois, Maine, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas, Vermont, Virginia, and Wisconsin. (Information current as of May 20, 2023.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.