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Wells Fargo Broker Glen Webster Sanctioned Over Customer Loan
Former Appleton, Wisconsin broker Glen Webster (CRD# 4839854) has been sanctioned by the Financial Industry Regulatory Authority in connection to allegations he improperly borrowed money from a customer. Previously a representative at Wells Fargo Clearing Services, Webster was suspended for three months.
According to a Letter of Acceptance, Waiver and Consent (No. 2019061193201) dated December 2019, Glen Webster was associated as a general securities representative with Wells Fargo from 2011 until 2018. FINRA states that in July 2017, he borrowed a sum of $10,000 from one of his securities customers, though this individual was not a member of his family. At the time, FINRA states, Wells Fargo’s policies and procedures forbade registered representatives from borrowing money from firm securities customers who were not immediate family members. According to FINRA, Webster did not inform his firm about the loan, nor did he receive its approval. He repaid the customer with interest in late 2018, according to the AWC Letter. FINRA Notes that FINRA Rule 3240 also forbids registered representatives from taking loans from customers except in certain cases governed by firm policies and procedures. As a result of the foregoing alleged conduct, Webster was issued a three-month suspension from associating with any FINRA member firm in any capacity.
Glen Webster’s BrokerCheck report also lists a recent customer complaint against him. Filed in March 2019, the complaint alleged that as a representative of Wells Fargo Advisors, he represented that the liquidation of a foreign equity investment would not incur tax consequences, and that when she was made aware that it had, he recommended withdrawing from her annuity to pay the tax consequences, but did not inform her about the tax consequences that the annuity withdrawal would incur. The complaint reached a settlement in September 2019 of $12,500.
Glen Webster is currently not registered as a broker. His previous registrations include IFS Securities, Wells Fargo Clearing Services, Chase Investment Services, Investment Centers of America, SII Investments, MetLife Securities, Metropolitan Life Insurance Company, and Morgan Stanley. He has passed four securities industry qualifying examinations and his BrokerCheck report lists zero state securities licenses. (Information current as of May 13, 2020.)