Wells Fargo Broker David Jay Homan Guilty Of Misappropriation

David Jay Homan (CRD#: 1516973, Bay City, Michigan) is a prior financial advisor of Wells Fargo Advisors, LLC who entered a guilty plea to felony embezzlement. Homan pleaded guilty on November 21, 2018 in a Bay County, Michigan Court, and now faces 15 years behind bars. Homan is expected to be sentenced on January 14, 2019.
Apparently, Homan was the trustee of the Elizabeth N. Stafford Trust, and became sole trustee at Stafford’s death. Homan evidently misappropriated $500,000.00 from the Trust by writing checks from the Trust account and executing electronic transfers. Supposedly, Homan directed the money to accounts listed in his name or under his control.

Wells Fargo Terminates David Jay Homan Following Internal Investigation

Homan’s FINRA BrokerCheck Report shows that Wells Fargo disaffiliated with Homan on April 28, 2014, which was during the time that Wells Fargo internally investigated Homan regarding his apparent misappropriation of funds. Wells Fargo additionally alleged that Homan did not inform the firm about being a beneficiary of a customer’s trust. Also, the firm claimed that Homan did not seek the firm’s permission to be an agent and personal representative for a customer.

FINRA Bars David Jay Homan From The Securities Industry

Records show that after Wells Fargo terminated Homan’s employment, FINRA requested information from Homan. However, FINRA claimed that Homan did not respond to its requests for information. Because of this, records show that FINRA suspended Homan in August 2014. FINRA eventually barred Homan from the securities industry in December 2014 after Homan failed to move for his suspension to be terminated.
On November 17, 2015 – less than a year after FINRA barred Homan – a Wells Fargo customer filed FINRA Arbitration #15-3687-CZ. The customer claimed Homan misappropriated funds from the customer’s account from May 2009 to May 2014. In addition, the customer claimed that Homan transferred money from a trust account to himself and Homan’s wife while he was a trustee. All things considered, Wells Fargo settled the matter by paying the customer $206,500.00.

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