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Michael Yarus: Why Did Wells Fargo Fire Ex-Paramus Advisor?
Wells Fargo recently fired former Paramus-based financial advisor Michael Yarus (CRD# 1543852) in connection with alleged rule violations. Financial Industry Regulatory Authority records indicate that he is now a broker with Carter, Terry & Company in Atlanta, Georgia.
A disclosure on Mr. Yarus’s BrokerCheck report describes his January 2023 termination from Wells Fargo. According to the disclosure, he was fired after he made statements during a firm investigation “that he placed trades in three unrelated client accounts after receiving instructions from third parties who did not have written authorization to direct trades in the accounts.” He also allegedly made statements that he noted in an electronic record that he had spoken with two clients when in fact he had not, and further that he had “opened new accounts for a client after being informed of the client’s incapacitation.”
Mr. Yarus’s BrokerCheck report also discloses several investor complaints. The most recent, filed in 2016, alleged that as a representative of UBS Financial Services, he over-concentrated the customer’s portfolio in unsuitable and misrepresented Puerto Rico bonds. The complaint reached a settlement of $29,000.
An earlier investor complaint, filed in 1998, alleged that as a representative of Lebenthal & Company, he executed an unauthorized transaction. In 2001 the complaint reached a settlement of $15,000.
According to the Financial Industry Regulatory Authority, Michael Yarus holds 34 years of securities industry experience. Based in Atlanta, Georgia, he has been a broker with Carter, Terry & Company since February 2023. His registration history includes Wells Fargo Clearing Services (Paramus, New Jersey; 2012-2023), UBS Financial Services (Paramus, New Jersey; 2008-2012), Morgan Stanley & Company (Beverly Hills, California; 2007-2008), Morgan Stanley (Lawrenceville, New Jersey; 2005-2007), Advest (Hartford, Connecticut; 2002-2005), and Lebenthal & Company (New York, New York; 1988-2002). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in New York. (Information current as of March 1, 2023.)
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