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Stephen Klinger: Ex-Wells Fargo Broker Sanctioned

A disciplinary action taken by the Financial Industry Regulatory Authority against former Asheville, North Carolina broker/adviser Stephen Klinger (CRD# 1294139) barred him after finding he failed to provide documents requested as part of a FINRA investigation into allegations he misused client funds. Klinger was formerly registered with Wells Fargo.

According to a Letter of Acceptance, Waiver and Consent (No. 2019061847901) dated October 2019, Stephen Klinger was registered with Wells Fargo Clearing Services┬á until the firm discharged him in March 2019, stating that he deposited a client’s funds in his account to trade options, lost all the funds, was subsequently sued by the client, and reported neither the lawsuit nor his settlement thereof to the firm. On August 14, 2019, according to the AWC Letter, FINRA sent Klinger a request for information and documents related to the firm’s description of his termination. Klinger allegedly did not respond to FINRA’s request or a follow-up request it sent on September 3 of that year. The AWC Letter notes that he stated in a phone call with FINRA on September 24, 2019, that he had received the requests and would not produce the requested information, which FINRA found to constitute a violation of FINRA Rules 8210 and 2010. As a result of the foregoing alleged conduct, Stephen Klinger was barred from associating with any FINRA member firm in any capacity.

Stephen Klinger’s BrokerCheck report lists one customer complaint against him: A 2018 complaint alleging that while he was a representative at Wells Fargo Advisors, he “assured [the client] of positive returns on his investment.” The complaint reached a settlement in April 2019 of $37,000.

Stephen Klinger is not currently registered as a broker or investment adviser. His previous registrations include Wells Fargo Clearing Services in Asheville, North Carolina; Wachovia Securities in Charlotte, North Carolina; Fortis Investors in Oakdale, Minnesota; Merrill Lynch in New York, New York; the Robinson-Humphrey Company; Edward D. Jones & Company; and Shearson Lehman Brothers. He has passed four securities industry qualification examinations and currently holds no state securities licenses. (Information current as of April 15, 2020.)

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