The Financial Industry Regulatory Authority (FINRA) has permanently barred Nicholas Hansen Harper. Harper worked in Wells Fargo’s Topeka, Kansas branch office from 1997 through 2013 according to his BrokerCheck Report.
Per the Letter of Acceptance Waiver and Consent filed with FINRA, Harper resigned from Wells Fargo on August 7, 2013, shortly after the firm’s compliance department began to review trading in the accounts of certain of his customers. The timing of Harper’s resignation can only serve to raise suspicions.
Presumably suspicious of Harper, in March of 2015, FINRA requested Harper provide testimony to FINRA investigators pursuant to Rule 8210. More than one month after the request was issues, FINRA staff spoke to Harper’s attorney, who purportedly indicated that Harper would not be appearing before FINRA to provide testimony at any time.
In response to his violation of FINRA Rule 8210, Harper has agreed to a bar from association with any FINRA member in any capacity.
FINRA investigations are serious matters and for that reason Rule 8210 provides FINRA with a “big stick” to force compliance from registered representatives.
For Harper, this has already become something future employers and clients, alike, in any business can see. This can affect future employment possibilities, future licensing and the ability to get financing for personal and/or business endeavors. For a registered person receiving an 8210 request, proper handling of these matters by experienced counsel is essential.
FINRA is one of the few regulators that specifically oversee the securities industry. Because of that, FINRA’s enforcement division is a crucial part of preventing investment fraud and punishing those who have committed violations.
In addition to the state and federal laws that are on the books, the securities industry is also governed by industry rules promulgated by the Securities and Exchange Commission and FINRA. These rules, including Rule 8210, are important and must be complied with.
Failure to comply with FINRA and SEC rules can expose a person to civil liability and loss of professional licenses, as in the case of Nicholas Harper. If a licensed stockbroker or financial advisor has broken the rules with respect to a customer account, that customer could be entitled to recover their losses.
Malecki Law has handled numerous cases stemming from inappropriate trading by brokers in customer accounts. If you or a family member invested with Nicholas Harper or Wells Fargo and have lost money, contact the securities fraud lawyers at Malecki Law for a free consultation and case evaluation at (212) 943-1233.