Finra bars ex-Wells Fargo broker firm accused of theft  

Finra bars ex-Wells Fargo broker firm accused of theft  
“We’ve done scores of theft cases over the years and it’s a cancer," said one attorney.
APR 29, 2024

The Financial Industry Regulatory Authority Inc. on Friday barred a former Wells Fargo Advisor broker who left the firm in 2018 but was recently accused of theft by his former employer.

The broker, Andrew Egber, worked at Wells Fargo Advisors until 2018, when he and two other advisors jumped to Steward Partners Investment Solutions, a financial advisor aggregator, in Rockville, Md. where they managed $230 million in clients assets, according to an online report.

He could not be reached Monday morning at the Egber-Lopez Investment Group, where the advisor formerly worked, and no new phone number was available.

Egber was barred from the securities industry not for any theft allegations but instead over procedural matters; he refused to produce information and documents requested pursuant to industry rules, according to the Finra settlement, a violation that results in financial advisors being barred from the securities business.

Egber accepted Finra's findings without admitting or denying them, according to the Finra order.

Also in the Finra settlement, the regulator noted that Wells Fargo in March had started an internal review related to the advisor; the firm was "reviewing allegations of possible theft of client funds" by Egber.

A spokesperson for Wells Fargo Advisors did not return a call Monday morning to comment.

A spokesperson for Steward Partners also did not return a call to comment.

"The fact that a financial advisor doesn't show up at a Finra hearing may be perceived as a de facto admission of guilt, and perhaps he could be using the money of a Finra arbitration lawyer on other counsel," said Andrew Stoltmann, a plaintiff's attorney. "You can have a good team of financial advisors, but one bad apple can ruin it for the everyone. And the other team members may be open to liability for any potential theft."

“We’ve done scores of theft cases over the years and it’s a cancer," said Adam Gana, also a plaintiff's attorney. "If one person on a team is accused of such serious actions, always check out the others."

According to his BrokerCheck report, Egber has one pending customer dispute filed against him in February, a denied customer dispute form 2001, and three financial matters from 2016 that are closed.

In the recent client issue, the allegation against Egber is clients' complaints "that they made an outside investment through the financial advisor and would like to be made whole on funds that were not returned." That client issue dates back to May 2017, before Egber moved to Steward Partners.

Brace for churn this summer as fear, volatility return to market

Latest News

Trump to name new Fed governor, jobs data head in coming days
Trump to name new Fed governor, jobs data head in coming days

President says he has a ‘couple of people in mind’ for central bank role.

JPMorgan’s asset management arm targets Europe retail investors in active ETF tie-up
JPMorgan’s asset management arm targets Europe retail investors in active ETF tie-up

Wall Street firm partners with Dutch online broker to fuel push into EU market.

UBS to settle outstanding Credit Suisse RMBS case with $300M payment
UBS to settle outstanding Credit Suisse RMBS case with $300M payment

Agreement with the US Department of Justice comes eight years after settlement.

GeoWealth secures $38M in funding round led by major alternative investment manager
GeoWealth secures $38M in funding round led by major alternative investment manager

Series C funding will accelerate unification of TAMP’s model portfolios.

No succession plan? No worries. Just practice in place
No succession plan? No worries. Just practice in place

While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.