The former Mid Atlantic broker was accused of violating his duty as a trustee
Earlier this year, the Financial Industry Regulatory Authority (FINRA) began investigating David Wesley Wells due to allegations that he misappropriated funds from at least one client. When Wells refused to give FINRA the information it needed, the agency permanently barred him. This means that he can no longer have anything to do with firms that sell securities.
Wells began his brokerage career in 1999 when he went to work for Mid Atlantic Capital Corporation in Hanover, Pennsylvania. In 2002, while still with Mid Atlantic, he also began working for Counsel Trust Group, and independent contractor office. It was a Counsel customer who charged him with misappropriation. According to FINRA’s BrokerCheck report, when Mid Atlantic discovered the allegations against Wells, he was terminated.
With Counsel Trust, Wells served as a trustee on several customer trusts. It is the job of a trustee to manage the assets in the trust. People often hire trustees if they are unable to manage their own assets or feel as though they will be better handled by a professional.
Frequently, trusts are created by older people who want to make sure their estate is supervised properly after they die. It was from the trust of an elderly client that Wells allegedly took money. Because a trustee is considered a fiduciary, Wells’ alleged actions would be a breach of fiduciary duty. And if deception or coercion were involved, this could also constitute elder financial fraud.
Elder financial fraud is a serious charge that often goes unreported. In many instances, victims don’t know that help is available or where they can get it. If the person you hired to manage your money acted improperly, contact an elder financial fraud attorney at the Silver Law Group. Scott Silver is currently the chairman of the American Trial Lawyers Association, Securities, and Financial Fraud Group, and the attorneys at Silver Law Group are leaders in the field of securities arbitration and elder financial fraud cases.
We will give you a free consultation and determine if we can help you recover lost funds. Call us toll-free at 800-975-4345. You can also send us a message through our online contact form.