Tr?id=566623520170033&ev=PageView&noscript=1

ÍøÆØ³Ô¹Ï

Former ÍøÆØ³Ô¹Ïlls Fargo Advisor Suspended by FINRA for Unreported Brokerage Account

Posted on February 28th, 2024 at 4:11 PM
Former ÍøÆØ³Ô¹Ïlls Fargo Advisor Suspended by FINRA for Unreported Brokerage Account

From the desk of Jim Eccleston at ÍøÆØ³Ô¹Ï 

A former ÍøÆØ³Ô¹Ïlls Fargo advisor, Robert J. DeHayes, faced fines and suspension from the Financial Industry Regulatory Authority (FINRA) for maintaining an undisclosed outside brokerage account in his wife's name.

The 27-year industry veteran accepted a $10,000 fine and a six-month suspension, acknowledging a violation of FINRA's rule against advisors holding an account with a "beneficial interest" at another firm without employer approval. Additionally, DeHayes breached Rule 2010, which mandates "high standards" of conduct.

The unreported account, opened in his wife's maiden name in January 2012, coincided with ÍøÆØ³Ô¹Ïlls Fargo imposing restrictions on options trading in his accounts. Over the next nine years, DeHayes conducted trades, including those prohibited by ÍøÆØ³Ô¹Ïlls Fargo. DeHayes accepted the penalty without admitting or denying the findings and represented himself in the proceedings.

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

ÍøÆØ³Ô¹Ï just wanted to say thanks for your work in helping us get back some of the money we lost. ÍøÆØ³Ô¹Ï are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. ÍøÆØ³Ô¹Ï really appreciate the work you did.

Allan and Adele

LATEST NEWS AND ARTICLES

1783615970 Law
July 9, 2026
FINRA Suspends Former Branch Manager for Supervisory Failures Linked to Excessive Trading and Churning

A former regional branch manager at a broker-dealer has agreed to Financial Industry Regulatory Authority (FINRA) sanctions after the regulator found that he failed to supervise registered representatives who engaged in excessive trading and churning of customer accounts.

1783525964 Law
July 8, 2026
SEC Sanctions David Lerner Associates for Regulation Best Interest Violations

David Lerner Associates has agreed to settle Securities and Exchange (SEC) charges alleging violations of Regulation Best Interest (Reg BI) that resulted in unnecessary costs to retail investors, according to InvestmentNews.

1783434190 Law
July 7, 2026
Private Credit Funds Face Mounting Redemption Pressure as Investor Sentiment Shifts

A surge in investor redemption requests has intensified pressure on private credit funds, raising concerns about liquidity and long-term stability across the asset class, as reported by The Wall Street Journal.