Broker Investigation: Marcus Parker

Marcus Duane Parker (CRD#: 1031962) was previously registered with the Financial Industry Regulatory Authority (FINRA) as an investment advisor. Most recently, Mr. Parker was employed as a securities representative at Wells Fargo Clearing Services (2008-2017), working for the firm based out of an office in Santa Fe, New Mexico.

Mr. Parker has also worked for several other registered brokerage firms, including Merrill Lynch (2001-2008), Salomon Smith Barney (1996-2001), PaineWebber Incorporated (1992-1996), and Prudential Securities Incorporated (1989-1992).

Recently, customers have raised allegations of misconduct against this securities broker. On February 16th, 2018, FINRA permanently barred Marcus Parker from associating with any FINRA member firm in any capacity.

The Allegations Against Marcus Duane Parker

According to official records from FINRA (Disciplinary Proceeding NO. 2017056689601) Marcus Parker has declined to respond to any requests for information or documents from securities industry regulators. Likewise, Mr. Parker has refused to answer any questions pertaining to his termination from his member firm, Wells Fargo.

In its court documents, FINRA notes that Mr. Parker was terminated from his position at Wells Fargo in mid-December of 2017. The brokerage firm decided to terminate Mr. Parker on the grounds that he failed to appear for an internal interview with the compliance department in order to answer questions related to allegations that he had misappropriated clients funds.

The misappropriation of customer funds is a very serious issue. Not only is it a direct violation of FINRA Rule 2150, but misappropriation can sometimes involve conversion (outright theft) of investor money. In this case, the specific allegations that are being brought against Marcus Parker are unclear. However, based on the official FINRA records, there are two facts that are undisputed:

• Parker refused to cooperate with his employer’s investigation into the allegations against him; and
• Parker refused to cooperate with FINRA’s investigation into the allegations against him.

Brokers Have a Duty to Cooperate With Investigations

Under securities industry regulations (FINRA Rule 8210), registered brokers and brokerage firms have a professional obligation to cooperate with any and all investigations into potential misconduct. FINRA has the authority to get access to certain documents and records and to compel on-the-record testimony from registered brokers.

In this case, FINRA requested information from Marcus Parker related to his termination from Wells Fargo. Mr. Parker has declined to cooperate with this investigation. Through his legal advocate, Mr. Parker informed FINRA that he did indeed receive their request for documents, but that he has decided not to supply any of the requested records. Without admitting or denying any misconduct, Mr. Parker has consented to the sanctions that include a permanent bar from associating with any FINRA member in any capacity.

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