DAVID MANOR (CRD#: 6033220), formerly with Wells Fargo Clearing Services, LLC of Boston, was suspended by the Financial Industry Regulatory Authority, Inc. (FINRA) for nine months beginning October 7, 2019 and ending on July 6, 2020 following allegations that he assisted an elderly client in selling mineral rights on a property the client owned. According to the FINRA report, in return for Manor’s assistance, the client paid Manor $107,000. David Manor allegedly failed to disclose his participation in the mineral rights sale, or his compensation from his participation, to his firm, Wells Fargo.

FINRA’s findings also stated that during this time, David Manor then convinced the client to use proceeds from the mineral rights transaction in which he participated, to open and fund an on-line brokerage account with Charles Schwab, away from Wells Fargo. Manor and the client allegedly agreed that Manor would trade the account on the client’s behalf. Manor recommended and executed numerous transactions within the Schwab account, according to FINRA.  Manor did not provide written notice to his firm of the other firm’s account or his trading of securities within that account.

According to FINRA, this trading was unsuitable for the elderly client, who had an investment objective of moderate growth, a moderate risk tolerance, and no options trading experience.  Due to Manor’s unsuitable options trading, the client lost approximately $224,000 in less than three months. The client was 75 years old and retired with limited income at the time that David Manor recommended and effected the options transactions.

According to a recent article in Advisor Hub, the client was 75 when he opened his Wells Fargo account in October of 2016 and before the alleged activities began, the client wrote a check for $100,000 to David Manor’s wife with the word “gift” in the memo line. The article said also that Manor allegedly used his personal e-mail to discuss the mineral rights sale to avoid detection by Wells Fargo, discouraged the client from using the proceeds to add to two variable annuities he owned, and filled out Schwab forms indicating that his client who had never traded options was experienced in options trading.

According to FINRA’s BrokerCheck, David Manor has 4 Disclosures on his CRD report.  One of the Disclosures is an “Employment Separation after Allegations” from Wells Fargo Clearing Services, LLC, in which Manor voluntarily resigned in January of 2018 following allegations that he, “Resigned during investigation relating to a client’s allegations that FA recommended that the client invest away from the Firm and assisted the client in doing so.” Manor has been registered in the securities industry for 5 years and was listed with these 3 firms:

08/08/2016 – 02/06/2018  WELLS FARGO CLEARING SERVICES, LLC – BOSTON, MA

02/05/2013 – 07/15/2016  SANTANDER SECURITIES LLC – BROOKLINE, MA

06/29/2012 – 01/07/2013  MERRILL LYNCH, PIERCE, FENNER & SMILTH INCORPORATED – BOSTON, MA

If you or an elderly family member experienced losses due to the former Wells Fargo Clearing Services, LLC of Boston, broker David Manor, contact the Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.