David Manor, Formerly of Wells Fargo, Suspended by FINRA for Multiple Rule Violations

David Manor allegedly helped a client sell mineral rights, accepted more than one-third of the proceeds as a “gift” and convinced the client to open an outside account at Charles Schwab that lost over $200,00 in under 3 months.

The Sonn Law Group is investigating claims that David Manor committed violations of FINRA Rules. Under FINRA Rules, brokerage firms are liable for their brokers’ misconduct or negligence and investors may be able to their investment through FINRA arbitration. Contact Sonn Law Group today or call us at 866–827–3202 for a free consultation.

David Manor (CRD#:6033220)was named in a FINRA complaint that alleged he assisted a 75-year-old retiree, who was his client, in selling mineral rights associated with his property. As compensation for his help with the sale, the customer gave Manor a $100,000 check that was made out to Manor’s wife, as well as $7,000 in cash. This conduct was outside the scope of his employment with Wells Fargo.

The complaint also alleges that Manor recommended unsuitable options transactions to the same customer and executed these unsuitable transactions in the customer’s Charlse Schwab & Co., Inc. (Schwab) account. Manor put options totaling $224,985.37 in the customer’s Schwab account that resulted in losses of $224,837 in under three months. The client was an elderly retiree with a limited income, had an investment objective of moderate growth, and had limited investment experience and knowledge. FINRA alleged that Manor’s recommendation that the client invest $250,000 in options was not suitable.

Further, the complaint states that Manor did not provide Wells Fargo with written notice of the Schwab account, of his trading of securities in the Schwa account, or of his agreement with the customer to receive compensation from trading in the Schwab account.

Manor was suspended by FINRA for the duration of nine months, beginning on October 7, 2019. There were no monetary sanctions imposed after Manor submitted a sworn financial statement and demonstrated an inability to pay.

Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional recommended that you invest in unsuitable investments, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.