Broker Investigation: Nancy Kimball Mellon

Nancy Kimball Mellon (CRD#: 1253484) is a formerly registered broker and investment advisor. Mellon worked with Wells Fargo Advisors from 2012-2017. She was fired by the firm following allegations of filing false expense reports.

Mellon, named in a recent FINRA investigation, had her assistant submit four false expense reports between January and July of 2016. As a result, Mellon received $4,300 in reimbursements for $3,800 she claimed to have paid for a 2016 VIP Outback Bowl membership. She had not actually paid this expense at the time the report was made. The request also included an additional $500 beyond what she claimed to have incurred. She used the money she received from Wells Fargo to pay for personal expenses. Mellon did finally pay the actual expense, but over a year had passed since she requested reimbursement. She has still not repaid the extra $500.

Mellon also lied to FINRA during on-the-record testimony. She claimed the bank refused to provide her with a record of her transactions. Later, Mellon was in fact able to produce the bank records. FINRA also found that Mellon’s false reporting caused Wells Fargo Advisors to maintain inaccurate books and records.

The FINRA ruling found Mellon committed the alleged violations. In addition to monetary sanctions, Mellon is responsible to repay any ill-gotten monetary gains, plus interest. She is also required to pay all hearing costs per FINRA rules.

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