Former Wells Fargo rep barred for alleged theft from memorial fund
FINRA has cast out its first bank rep of the year.
David Jeremy Welty, a former personal banker registered with Wells Fargo Advisors in Limerick, Pennsylvania, was banished from the industry last week for allegedly stealing $8,700 from an account he opened at the bank for a memorial fund, according to FINRA's disciplinary filing.
The account was funded with donations, FINRA said.
Welty purportedly transferred the money to his personal bank account at Wells Fargo and used it for personal expenses. The theft allegedly occurred from October 2015 to September 2016, according to FINRA.
Welty could not be reached for comment. In his settlement with the regulator, he neither admitted nor denied the charges but consented to an entry of FINRA's findings.
The broker was terminated after a series of unauthorized transactions involving the accounts of customers of both BBVA and its affiliate bank, FINRA claimed.February 15
The regulator rebuked the broker for excessive trading that generated more than $666,000 in commissions and fees and resulted in $397,000 in losses.February 13
Welty worked for Wells Fargo Bank from October 2010 to December 2016, when he was discharged for the alleged misconduct, according to BrokerCheck records. He also worked simultaneously for Wells Fargo Advisors, beginning in January 2012. On his LinkedIn profile, Welty described himself as a branch manager in the greater Philadelphia area.
James Baum, a spokeswoman for Wells Fargo, noted that Welty had been a personal banker. He also noted that Wells Fargo customers who incur losses as a result of banker error or unauthorized activity are made whole.