Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
Rochester Broker Jerry Wells Suspended, Fined
Jerry Wells (CRD# 1015358), a broker and investment adviser currently registered with Sagepoint Financial and formerly registered with MetLife, was recently the subject of a disciplinary action by the Financial Industry Regulatory Authority concerning allegations he misrepresented variable annuity investments. A representative with the Rochester, New York office, Wells was issued a two-month suspension and a fine of $5,000.
According to a Letter of Acceptance, Waiver and Consent (No. 2016050018101) dated December 2019, Jerry Wells completed and submitted ten variable annuity applications and disclosure forms between January 2012 and December 2015 that contained false representations stating that the variable annuities he recommended would not replace or change one or more existing variable annuities. FINRA states that “as Wells knew, each of the ten recommended VA purchases was funded, in whole or in part, by proceeds from the sale of, or distributions from, another VA.” FINRA’s findings go on to state that Wells did not complete replacement forms for recommended variable annuity purchases, as required by the firm. FINRA concludes that these false representations of variable annuity replacements as variable annuity purchases constituted violations of FINRA Rule 2010; and that by causing his firm to maintain inaccurate nooks and records, he violated FINRA Rules 4511 and 2010. As a result of the foregoing alleged conduct, he was issued a two-month suspension from associating with any FINRA member firm in any capacity. He was also ordered to pay a fine of $5,000.
Jerry Wells has been registered with Sagepoint Financial in Rochester, New York since 2016. His previous registrations include MetLife Securities, Metropolitan Life Insurance Company, Pruco Securities, the Prudential Insurance Company of America, Brent Capital Corporation, and Essex Capital Markets. He has passed five securities industry qualifying examinations and his BrokerCheck report lists six state securities licenses. (Information current as of May 8, 2020.)