FINRA Imposes Bar Against Joe Gainer

Soreide Law Group is investigating potential investor claims of sales practice violations possibly committed by securities broker Joe David Gainer Jr. [CRD: 4517367, Marianna, Florida], given the disclosures on FINRA BrokerCheck. Evidently, Joe Gainer worked for Wells Fargo Clearing Services LLC from November 10, 2016, to June 15, 2022. Keep reading to learn more about the securities broker’s disclosures.

Financial Industry Regulatory Authority Investigated Gainer

Specifically, on December 1, 2023, FINRA issued Letter of Acceptance, Waiver, and Consent No: 2022075621801, sanctioning Joe Gainer.

Gainer decided to leave Wells Fargo on his own on June 10, 2022, leading to his official separation from the company through a Form U5 filed on June 15, 2022. Following this, on July 13, 2022, Wells Fargo submitted an updated Form U5 revealing that they had started looking into Gainer's actions as of June 14, 2022. Then, on March 27, 2023, the company submitted another update to the Form U5 detailing the findings from their internal investigation into Gainer's behavior.

The Financial Industry Regulatory Authority (FINRA) looked into Gainer's activities after reviewing the updated Forms U5 submitted by Wells Fargo. On November 7, 2023, FINRA requested Gainer to provide testimony on the record in accordance with Rule 8210. This was related to an investigation into Gainer's potential violations of FINRA Rules 3241 and 2010. These violations were concerning not disclosing his role of trust and accepting a $3 million gift from a Wells Fargo client.

However, Gainer, through his lawyer, communicated to FINRA on the same day, November 7, 2023, that he acknowledged the request but would not comply by giving any testimony.

By choosing not to testify as required by FINRA Rule 8210, Gainer violated both Rule 8210 and Rule 2010. Consequently, he agreed to a sanction that bans him from associating with any FINRA member in any capacity.

Rules Relating To FINRA Investigations

The refusal to appear for the required testimony led to a violation of both Rule 8210, which outlines the obligation of brokers to cooperate with FINRA investigations, and Rule 2010, which demands high standards of commercial honor and equitable principles of trade.

Unauthorized Trading Allegations Against Gainer By Wells Fargo Client

Particularly, a client of Wells Fargo contested Joe Gainer’s sales practices, according to a complaint dated September 23, 2020. Allegedly, Gainer recommended an investment that was too aggressive for the client's age, focusing on mutual funds between July 22, 2019, and August 3, 2020. It appears that Gainer allegedly caused the client to sustain damages. As a result, the client sought compensatory relief from Wells Fargo Advisors or Gainer in the amount of $221,630 in this matter.

Did You Sustain Losses Because Of Joe Gainer?

Did you experience losses because of Joe Gainer? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Gainer and brokerage firms he worked for deny accusations of sales practice violations.