Wells Fargo Broker Permanently Barred for Failing to Respond to FINRA Investigation into Undue Influence of Elderly Client
James Schaedler, Jr., former registered representative with Wells Fargo Clearing Services (Wells Fargo), has been barred by the Financial Industry Regulatory Authority (FINRA) for refusing to produce information and documents requested by FINRA in connection with an investigation into allegations that he exercised undue influence over an elderly former client and improperly received a $200,000 gift from another elderly client. FINRA began an investigation in January 2016, into allegations that James Robert Schaedler, Jr., of Corona, California, exercised undue influence over a former elderly client, who ultimately amended her trust to make Mr. Schaedler a partial beneficiary and residual beneficiary of her $2.3 million dollar estate. Further, FINRA expanded its investigation to include allegations that Mr. Schaedler improperly received a gift of $200,000 from a second elderly client.
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