Christopher Wendel – SA Stone Wealth Management – Investigation
According to the Financial Industry Regulatory Authority (FINRA) on June 1, the regulator has barred former financial advisor Christopher T. Wendel from the securities industry.
According to the Letter of Acceptance, Waiver & Consent, between April and August 2017, while associated with SA Stone Wealth Management, Wendel allegedly violated FINRA rules by engaging in private securities transactions without providing notice to SA Stone. In 2018, Wendel also allegedly provided a false written response and false on-the-record testimony concerning one of the private securities transactions.
During the Relevant Period, Wendel purportedly solicited investors to purchase promissory notes in Woodbridge Mortgage Investment Funds, an alleged real-estate investment fund. Wendel reportedly sold $343,500 in Woodbridge promissory notes to four individuals, receiving more than $10,000 in commissions in connection with these transactions. Wendel purportedly did not provide notice to SA Stone prior to participating in these private securities transactions, nor did he obtain approval from SA Stone.
According to his FINRA BrokerCheck report, Wendel was registered with SA Stone Wealth Management in Celina, Ohio from September 2014 until he was fired in September 2017 because he “violated firm policy regarding selling away.” He has 6 customer disputes on his broker report.
The White Law Group is investigating the liability that Wendel’s former employer, SA Stone Wealth Management may have for his actions in regards to his outside business activities.
When a FINRA registered representative conducts business outside the scope of the brokerage firm where they are registered, the act can be considered “selling away.”
Some brokers, looking to supplement their income, will go outside the traditional market, trying to find other products to push.
If a registered broker “sells away” from their firm, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.
If you have invested with Christopher Wendel and are concerned about your investments, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call our offices at 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.