BRADLEY T. SMEGAL (CRD# 716056), a 63 year-old former Wells Fargo investment adviser in Minnealpolis is facing federal securities fraud charges for allegedly stealing more than $5 million from clients. In a statement released July 19, 2016, Minnesota U.S. Attorney stated that Bradley T. Smegal is facing two counts of securities fraud.
Allegedly from 2007 - 2013, Smegal convinced at least 14 clients to invest in entities that he had a personal stake. The charges claim that Smegal did not disclose his involvement to his clients, falsely described the investments as conservative, and guaranteed rates of return.
Smegal and his wife filed for Chapter 7 bankruptcy in 2013 claiming estimated personal assets of $77,420 and listed $4.4 million in estimated liabilities, including $2.7 million in claims from two former clients.
Prosecutors said Smegal diverted more than $825,900 to his own personal bank account and made Ponzi-style payments to investors.
BRADLEY T. SMEGAL was terminated from Wells Fargo in 2011. Six months later, the Financial Industry Regulatory Authority (FINRA) barred him from the securities industry. Prosecutors stated after Smegal was terminated, he allegedly led some clients to believe he still worked for the Wells Fargo Advisors, LLC in Minneapolis.
After 31 years in the securities industry, FINRA has permanently barred BRADLEY T. SMEGAL from acting as a broker or otherwise associating with firms that sell securities to the public. Some of the firms BRADLEY T. SMEGAL was previously registered with were:
03/2006 - 11/2011 WELLS FARGO ADVISORS, LLC- MINNEAPOLIS, MN
08/2000 - 04/2006 PIPER JAFFRAY & CO. - MINNEAPOLIS, MN
03/1998 - 08/2000 DAIN RAUSCHER INCORPORATED - NEW YORK, NY
If you suffered losses due to the recommendations of former Minneapolis Wells Fargo Advisors broker, BRADLEY T. SMEGAL, contact Soreide Law Group for a no-cost consultation with a lawyer regarding the possibility of recovering your losses at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee.
Moors & Cabot, Inc. (CRD 594) is a brokerage firm based in Boston, Massachusetts. FINRA censured and fined the firm $125,000 after finding it failed to develop and implement an anti-money laundering compliance program reasonably expected to detect and report suspicious transactions, according to an AWC issued August 24, 2026.
Cowen and Company, LLC (CRD 7616), now part of TD Securities (USA) LLC, is a brokerage firm based in New York, New York. FINRA censured and fined the firm a total of $80,000, of which $40,000 is payable to FINRA, according to an AWC issued August 19, 2026.
Webull Financial LLC (CRD 289063) is a brokerage firm based in New York, New York. FINRA censured and fined the firm $115,000 after finding it maintained inaccurate books and records of options order origin codes, according to an AWC issued August 17, 2026.
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