Broker Investigation: Edward O. Daniel

Broker Investigation: Edward O. Daniel

Edward O. Daniel (CRD#: 808225) was a registered broker and investment advisor from 1975 to 2016. Most recently, Mr. Daniel was employed with Wells Fargo Advisors in Fort Worth, Texas.

On September 7th, 2018, FINRA barred Edward O. Daniel after he knowingly failed to cooperate with an investigation into allegations that he made unsuitable investment recommendations to a customer.

Ex-Wells Fargo Broker Edward O. Daniel Barred

In October of 2016, a Wells Fargo investor filed a complaint against Edward O. Daniel. The investor alleged that he sustained losses due to unsuitable investment recommendations. Under securities industry regulations (FINRA Rule 2111), brokers have a professional obligation to offer suitable investment advice to all customers. Eventually, Mr. Daniel settled this complaint for $225,000.

FINRA initiated its own investigation into the alleged misconduct. In June, FINRA requested documents and information from Mr. Daniel. While he acknowledged that he received the request from regulators, Mr. Daniel stated that he will not be turning over any information. This is a violation of industry rules. Under FINRA Rule 8210, registered persons must cooperate with all investigations by FINRA.

Without admitting to or denying and any misconduct, Mr. Daniel consented to FINRA’s proposed sanctions: a bar from associating with any member firm in any capacity.

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