Kenric Lamont Sexton, Formerly of Wells Fargo, Suspended by FINRA Due to Allegations of Misrepresentations on a Loan Application

Sexton was accused of making negligent misrepresentations on an economic injury disaster loan application to the Small Business Administration.

Kenric Lamont Sexton (CRD#: 2937074) was registered as a broker with Wells Fargo from 2014 until 2020. Wells Fargo is the only firm Sexton has been registered with.

Sexton has two disclosures on his BrokerCheck report.

July 2021 Regulatory Judgment

• Status: Final
• Initiated By: FINRA
• Allegations: Without admitting or denying the findings, Sexton consented to the sanctions and to the entry of findings that he made negligent misrepresentations in an application to the Small Business Administration (SBA) seeking an economic injury disaster loan. The findings stated that Sexton did not read the loan program requirements carefully before applying for the loan and then submitted an application to the SBA seeking such a loan. Sexton, then a registered representative with no disclosed outside business activities (OBAs), did not operate any business eligible for a small business loan from the SBA. Instead, Sexton was seeking the loan to fund his self-directed online trading account. In his application to the SBA, Sexton negligently misrepresented that he operated his self-directed online trading account as a sole proprietorship. Based on Sexton’s negligent misrepresentations in the loan application, the SBA granted him a $1,000 advance on an economic injury disaster loan. Later, the SBA denied Sexton’s loan application.
• Resolution: Acceptance, Waiver & Consent (AWC)
• Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
• Amount: $2,500.00
• Sanctions: Suspension
• Registration Capacities Affected: All Capacities
• Duration: One month
• Start Date: 8/2/2021
• End Date: 9/1/2021

November 2020 Employment Separation After Allegations

• Firm Name: Wells Fargo Clearing Services, LLC
• Termination Type: Discharged
• Allegations: The employee applied for business support from the Small Business Administration when the employee did not have a pre-existing formal business as required. This activity was not related to the securities business of Wells Fargo Clearing Services, LLC. No related customer harm was identified.

Contact Us Today

The Sonn Law Group is currently investigating allegations surrounding Kenric Lamont Sexton. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.