Wells Fargo Fires Advisor Jerry Klein
Jerry Klein (CRD# 852224) was recently terminated from Wells Fargo over alleged rule violations. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, last accessed on December 9, 2021, Mr. Klein was registered with the firm’s office in Hunt Valley, Maryland and is currently not registered as a broker or an investment adviser.
Wells Fargo: Jerry Klein Made Unauthorized Trades
In October 2021 Wells Fargo fired Jerry Klein over allegations he executed a transaction without first receiving the customer’s prior authorization. The disclosure on his BrokerCheck report adds that he was fired over allegations he noted “in an electronic record that he had spoken to the client when he had not,” as well as allegations that he did not inform management “after the client complained.”
Prior Complaints Alleged Unauthorized Trading, Undisclosed Fees
FINRA records also list two recent customer complaints involving Jerry Klein. A 2014 complaint detailed allegations that he removed $75,000 from a customer’s accounts without her permission; a 2015 complaint alleged that he did not inform the customer of fees associated with certain transactions. Both complaints were denied by the firm, which does not necessarily mean they were meritless—just that the firm decided as much after reviewing them. Investors whose complaints are denied can still file FINRA arbitration claims.
FINRA Forbids Unauthorized Trading
Generally speaking, FINRA rules and other industry standards prohibit brokers like Jerry Klein from executing securities transactions without first seeking and receiving their customers’ authorization. (There are certain exceptions, including accounts approved for discretionary and margin trading.) Representatives who violate these rules may be found liable for damages and/or held subject to disciplinary action. More information on the rules governing unauthorized transactions is available via FINRA and the Securities and Exchange Commission.
Jerry Klein’s Previous Registrations Included Morgan Stanley
According to Financial Industry Regulatory Authority (FINRA) records, Jerry Klein’s 36 years of experience in the securities industry began in 1985, when he joined EF Hutton & Company. He left that firm in 1988 for Lehman Brothers’ office in New York City, eventually moving to Painewebber in Weehawken, New Jersey, Over the following years he affiliated with firms including FirstUnion Capital Markets, Wachovia Securities, and Morgan Stanley. His most recent registration was with Wells Fargo Clearing Services in Hunt Valley, Maryland, where he was registered as a broker from 2013 until his termination in November 2021. Records show that he has passed six securities industry examinations and is currently not registered as a broker or an investment adviser with any state or firm.
For more information about Jerry Klein’s registration history, including his firing from Wells Fargo, visit his FINRA BrokerCheck report. (The above-referenced information was accessed on December 9, 2021.)