INVESTORS: Former Cetera Advisors broker Adam Thomas Marquardt was barred by FINRA after he refused to provide on-the-record testimony requested by FINRA in connection with its investigation into misconduct.
Adam Thomas Marquardt (CRD: 5307192) was registered as a broker with Cetera Advisors from 2020 until 2022. Previously, Marquardt was registered as a broker with Wells Fargo from 2010 until 2020.
Marquardt has four disclosures on his BrokerCheck report.
July 2022 Regulatory Judgment
Initiated By: FINRA
Allegations: FINRA Case #20180564903. On March 25, 2022, FINRA made a preliminary determination to recommend that disciplinary action be brought against Thomas Marquardt alleging willful violation of Section 10(b) of the Securities Exchange Act of 1934, Rule 10b-5, and FINRA Rules 2020 and 2010 in that Marquardt churned customers’ accounts; and violation of FINRA Rules 2111 and 2010 in that Marquardt excessively traded customers’ accounts and recommended an unsuitable active trading strategy to customers.
Resolution: Acceptance, Waiver & Consent (AWC)
Bar: Bar (Permanent)
Registration Capacities Affected: All Capacities
Start Date: 7/21/2022
July 2022 Employment Separation After Allegations
Firm Name: Cetera Advisors LLC
Termination Type: Discharged
Allegations: Discharged due to FINRA sanction.
July 2020 Employment Separation After Allegations
Firm Name: Wells Fargo Advisors Financial Network, LLC
Termination Type: Voluntary Resignation
Allegations: Allegations that registered representative deposited cashier’s checks into client accounts in part to cover certain clients’ investment losses without knowledge or authorization by the Firm.
March 2017 Customer Dispute
Status: Award / Judgment
Allegations: Adam Marquardt was a subject of the customer’s complaint against his member firm that asserted the following causes of action: violations of federal securities laws, including fraud in connection with the purchase or sale of securities; violations of Minnesota Securities Act, including misrepresentations, omissions of material fact, and employment of schemes to defraud and engaging in course of business which operated as a fraud or deceit; violations of the Minnesota Consumer Fraud Act, Uniform Deceptive Trade Practices Act, False Statement in Advertisement Act, and Unlawful Trade Practices Act; breach of contract; common law fraud; breach of fiduciary duty; and negligence and gross negligence. The causes of action related to Claimant’s allegations that Respondent invested Claimant’s funds in high-risk investments, which were contrary to his stated investment objectives. Claimant further asserted that Respondent engaged in improper short-term trading in closed-in funds and mutual fund and annuity switching, and recommended a low priced stock, which caused Claimant to incur unnecessary commissions and other fees.
Damage Amount Requested: $150,000.00
Broker Comment: After a complete arbitration hearing, an Award was entered granting Claimant’s compensatory damages of $115,855.81 plus 6% interest and reimbursement fees of $300.00. In this Matter I was not named as a party and no relief was sought against me. The statement of claim included numerous allegations, which were summarized by the arbitrators and reported verbatim on a Form U6 filed by FINRA, the FINRA report does not indicate that following a three and one-half day hearing on the merits, at which I testified, the FINRA-DR arbitration panel, did not make any finding that I violated any law, rule or regulation. The amount of compensatory damages awarded claimant was far less then sought at the close of the hearing. Furthermore, Claimants request for costs, attorney’s fee and punitive damages were all denied. Finally, I neither contributed to the award nor did the Firm ask me contribute to the award.
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