Wells Fargo Advisor David Manor Accused of Unapproved Outside Business Activity

David Manor (CRD#: 6033220) is a previously registered broker and investment advisor. From August of 2016 to February of 2018, Mr. Manor served as a representative for Wells Fargo Clearing Services in Boston, Massachusetts.

On April 16th, 2019, FINRA filed a complaint (Disciplinary Proceeding No. 2017056648801) against David Manor after allegations arose that he engaged in unapproved, undisclosed outside business activities and that he made unsuitable investments.

Investigation: Wells Fargo Financial Advisor David Manor

The relevant period in this case runs from February of 2017 through November of 2017. During that time, former Wells Fargo financial advisor David Manor allegedly engaged in improper outside business activities. More specifically, FINRA contends that Mr. Manor assisted a customer in the sale of mineral rights, receiving more than $100,000 in financial compensation for his services. Under FINRA Rule 3270, brokers must get approval for outside business activities.

Notably, at the same time, Mr. Manor also convinced this customer to open a trading account at another brokerage firm. Using this account, Mr. Manor engaged in risky options trading, planning on sharing the profits.

Unfortunately, this strategy resulted in the customer losing nearly $225,000 in three months — an amount that was approximately one third of the investor’s total net worth. FINRA contends that Mr. Manor made unsuitable trades, in violation of securities industry rules. The agency is now seeking all appropriate remedies, including disgorgement of ill-gotten gains and payment of financial restitution.

Contact Our Broker Misconduct Attorneys Today

At Sonn Law Group, our investment fraud lawyers have the skills and experience needed to handle outside business activity claims and unsuitable investment losses claims. To arrange a free, no obligation review of your case, please contact us right away.

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