Joseph Pratt, Formerly of Wells Fargo, Barred by FINRA for Insider Trading

Joseph Pratt allegedly traded insider information dealing with biopharmaceutical clinical trials in 2013 and 2014.

The Sonn Law Group is investigating claims that Joseph Pratt committed insider trading. 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.

Joseph Pratt, (CRD#:719416) most recently employed by Stifel, Nicolaus & Company, Inc. (Stifel), voluntarily resigned from Wells Fargo in 2014. In 2015, Wells Fargo filed a document stating that their internal review indicated that Pratt had solicited at least one investor in an unapproved securities transaction.

Following an investigation conducted by FINRA, Pratt consented to findings that between 2013 and 2014, while employed by Wells Fargo, Pratt obtained confidential information from insiders at a biopharmaceutical firm (Company A) and misused the information by sharing it with several of his Wells Fargo customers.

Additionally, FINRA alleged that from 2009 through 2013, Pratt invested approximately $119,000 in personal funds in stock of a private start-up (Company B), and solicited five of his Wells Fargo customers to participate in investing in excess of $400,000 in shares of Company B.

Based on this conduct, Pratt is barred from associating with any FINRA member or firm.

In addition to these allegations, Pratt’s BrokerCheck report indicates that he was the subject of a customer dispute in 2017 in which the client alleged that Pratt placed accounts in high risk stocks although she had asked that the accounts not be invested in anything that could lose money. The dispute was settled for $20,000.

Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional committed acts in violation of FINRA Rules, 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.