Jeffrey Alan Hill, Formerly with WELLS FARGO ADVISORS, BEMIDJI, MN, Fined and Suspended by FINRA

Soreide Law Group (888-760-6552) obtained the following information, available to all on FINRA website under, “Disciplinary and Other FINRA Actions January 2017.”

Jeffrey Alan Hill (CRD #2204945, Bemidji, Minnesota)
was fined $5,000, suspended by FINRA 15 months, and required to pay $45,000 in disgorgement of commissions received for allegedly initiating hundreds of trades for two elderly clients without contacting them approximately half of the time, and recommended or engaged in dozens of transactions that were qualitatively or quantitatively unsuitable or lacked a reasonable basis, including short-term trading of corporate and municipal bonds.
FINRA’s findings stated that neither client permitted Jeffrey Alan Hill to use discretion in their account, nor did Hill’s member firm allow him to use discretion in any client’s account.
Also, FINRA’s findings stated that on several occasions, Hill recommended that one of the clients sell bonds shortly after buying them, or initiated such transactions for those clients. Neither changes in the bonds’ prices, interest that accrued, changes in the issuers’ condition, nor any other factors justified the short-term trading. Hill did not have a reasonable basis to believe that such short-term trading was suitable for any client particularly in light of the commissions that the clients paid as result of the transactions. Also the trading was quantitatively unsuitable, as the level of in-and-out activity and the resulting commissions were inconsistent with both of the clients’ financial situations, needs and objectives.
FINRA’s findings included that Jeffrey Alan Hill recommended that one client purchase securities on margin, and he purchased securities on margin for the client’s account. Hill’s recommendation to use margin and his use of margin to purchase those securities was inconsistent with the client’s investment objectives, income needs and other available assets, and was qualitatively unsuitable.
The suspension is in effect from December 19, 2016, through March 18, 2018.
(FINRA Case #2015047008703)
According to FINRA’s BrokerCheck, Jeffrey Alan Hill has been registered in the securities industry for 23 years and was listed with 5 firms, the most recent below:
06/12/2014 - 12/12/2016  WELLS FARGO ADVISORS - BEMIDJI, MN
12/05/2003 - 06/19/2014  DOUGHERTY & COMPANY LLC - BEMIDJI, MN
If you were a client of Jeffrey Alan Hill, formerly with Wells Fargo Advisors of Bemidji, MN, and suffered financial losses due to his actions or recommendations, contact the Soreide Law Group for a free consultation regarding the possibility of recovering your investment losses at:  888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA and we operate on a contingency fee basis.