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FINRA Bars Former Wells Fargo Advisor Adam Marquardt
The Financial Industry Regulatory Authority (FINRA) recently barred Adam Marquardt (CRD# 5307192), a financial advisor based in Greenwood Village, Colorado. FINRA records show that the former Cetera Advisors broker was sanctioned in relation to allegations he made unauthorized deposits into client accounts.
According to a Letter of Acceptance, Waiver and Consent (No. 2020067667201) issued in July 2022, in May 2022 FINRA sent Mr. Marquardt a request to provide on-the-record testimony as part of its probe into the circumstances underlying his 2020 resignation from Wells Fargo Advisors Financial Network. As the AWC Letter notes, his resignation came while he was under internal review over allegations he “deposited cashier’s checks into client accounts in part to cover certain clients’ investment losses without knowledge or authorization by the Firm.” (His BrokerCheck describes this resignation in a July 2020 disclosure.) He allegedly failed to appear for testimony on the requested date, after which FINRA sent him a second request to appear for testimony. The AWC Letter states that he indicated via counsel to FINRA in July 2022 that he would not appear for the requested testimony “at any time.” FINRA found that his refusal to appear for testimony violates FINRA Rules 8210 and 2010. The regulatory barred him from associating with any FINRA member in all capacities.
Mr. Marquardt’s BrokerCheck report discloses one investor complaint against him. Filed in 2017, the complaint alleges he violated federal securities law, made misrepresentations and omissions of material facts, acted negligently, breached his fiduciary duty, recommended unsuitably high-risk investments, breached contract, and engaged in “improper short-term trading in closed-end funds and mutual fund and annuity switching.” The complaint evolved into an arbitration proceeding before a FINRA panel, which issued an award to the claimant of $115,855.81.
According to the Financial Industry Regulatory Authority, Adam Mardquardt holds 15 years of securities industry experience. Most recently based in Greenwood Village, Colorado, he was a broker with Cetera Advisors from 2020 until 2022. His past registrations include Wells Fargo Advisors Financial Network (Rochester, Minnesota; 2010-2020), Wells Fargo Advisors (Rochester, Minnesota; 2008-2010), and A.G. Edwards & Sons (Rochester, Minnesota; 2007-2008). His credentials include the passage of three securities industry examinations: the General Securities Representative Examination, or Series 7; the Uniform Combined State Law Examination, or Series 66; the Securities Industry Essentials Examination, or SIE. He has been barred from acting as a broker or otherwise associating with a broker-dealer firm. (Information current as of July 21, 2022.)
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