Wells Fargo Advisor Suspended for Private Transaction Violation
Earle Clement Tingley, a former registered representative with Wells Fargo, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was in violation of Rule 3240(a), assessed a deferred fine of $5,000 and suspended for 45 days. According to FINRA, Tingley was a general securities representative of Wells Fargo Advisors (WFA) from January 2008 until May 2014. He registered with FINRA through Wells Fargo Advisors Financial Network (WFAFN). In May of 2018, WFAFN filed a U-5 form disclosing Tingley’s Termination. During his time with WFA, Tingley allegedly borrowed $35,000 from a customer without notifying or seeking approval from his firm. The findings also stated that Mr. Tingley did repay the customer prior to detection by his firm but did not document the loan or terms for repayment.
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