Former Wells Fargo broker barred for parking fraud

Thomas James Stewart is now barred from the securities industry for what best may be described as “parking fraud.”

Mr. Stewart, formerly a broker with Wells Fargo Advisors, used the firm’s parking garage stamp without authorization to validate 50 parking garage tickets worth $731 to pay for his daily parking between July 16, 2015 and Nov. 25, 2015.

“By using the falsely validated parking garage tickets to pay for parking expenses to which he was not entitled and that Wells Fargo did not authorize, Stewart converted $731 of the firm’s funds to his own benefit,” the Financial Industry Regulatory Authority Inc. said.

In a Finra Letter of Waiver, Acceptance and Consent, Mr. Stewart acknowledged that his actions violated Rule 2010, which states that firms and registered personnel “shall observe high standards of commercial honor and just and equitable principles of trade.”

Mr. Stewart started in the securities industry in 2007 and was with Wells Fargo from 2013 to February 2016, when his registration was terminated.

Related Topics: Financial Industry Regulatory Authority