Fort Lauderdale Broker Barred by FINRA for Failure to Disclose Outside Business Activities Including Miami Hip Hop Club

The Financial Industry Regulatory Authority (FINRA) has barred Aaron Parthemera, a Fort Lauderdale Wells Fargo financial advisor for allegedly engaging in a several outside businesses, and allegedly running Club Play, a hip hop club in South Beach.

According to FINRA, between 2009 to 2013, Aaron Parthemer, acted as an advisor to a number of NFL and NBA players, allegedly failed to disclose his involvement in Club Play, an Internet branding startup, and a tequila marketing operation. Parthemer was at Morgan Stanley Wealth Management until 2011. During that time he allegedly made unapproved loans to clients in connection with Club Play, and referred clients to invest in the branding startup.

FINRA stated that Parthemer managed operations at Club Play until January 2012, and loaned $400,000 to three professional athletes who were also owners at Club Play and clients of Wells Fargo. The loans violated firm policies against loaning clients money. Parthemer allegedly had eight of his NBA and NFL clients invest over $3 million in the Internet company known as GVC run by a friend of Parthemer. FINRA's rules prohibit brokers/financial advisors from participating in private securities transactions without authorization and disclosure to their firms.

FINRA also claims Parthemer provided false information regarding his outside business activities.

According to FINRA's BrokerCheck, Aaron Parthemera is currently registered with the following firm:

WELLS FARGO ADVISORS, LLC (CRD# 19616)
200 E LAS OLAS BLVD, STE 1820
FORT LAUDERDALE, FL 33301

Aaron Parthemera was previously registered with the following firms:

06/2009 - 11/2011 MORGAN STANLEY SMITH BARNEY (CRD# 149777) - FT. LAUDERDALE, FL
11/2006 - 06/2009 CITIGROUP GLOBAL MARKETS INC. (CRD# 7059) - FT. LAUDERDALE, FL
04/1998 - 11/2006 BANC OF AMERICA INVESTMENT SERVICES, INC. (CRD# 16361) - FT.LAUDERDALE, FL
05/1997 - 04/1998 BARNETT INVESTMENTS, INC. (CRD# 14897) - JACKSONVILLE, FL
10/1995 - 03/1997 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD# 7691) - NEW YORK, NY
10/1994 - 10/1995 L.C. WEGARD & CO., INC. (CRD# 3722) - NEW YORK, NY

Pompano Beach, Florida-based Soreide Law Group, (888) 760-6552, represents clients nationwide before FINRA. Please call for a free consultation with an attorney on how to potentially recover your investment losses.