OHN DOUGLAS WADE (JOHN D WADE) CRD#: 4486552, of Buena Park, California , a former U.S. Bancorp Investments broker, was barred by the Financial Industry Regulatory Authority Inc. (FINRA) from acting as a broker or otherwise associating with a broker-dealer firm following allegations of converting more than $200,000 from clients’ accounts for his own personal use.
Wade discharged by his firm in February for alleged “unsatisfactory job performance.” The firm also filed an amended Form U5 on May 7, 2018, and said it was conducting an internal review because Mr. Wade “allegedly misappropriated client funds.”
According to FINRA, Wade allegedly converted funds totaling $105,712.18 from his member firm’s elderly clients without authorization to pay his own mortgage. FINRA’s findings stated that Wade electronically transferred without authorization $47,570.47 from one of the elderly clients’ checking account (at a bank affiliated with the firm) to Wade’s own mortgage account. Wade used funds from another elderly client to pay his own mortgage. Wade had this client withdraw funds from his firm account via third-party checks – in amounts totaling $51,141.71 – and write a check in the amount of $7,000 from his checking account (at a bank affiliated with the firm), to invest in REITs. However, Wade did not use those funds to invest in real estate investment trusts (REITs) for the client. Wade used those checks to pay his own mortgage.
According to FINRA’s BrokerCheck, JOHN DOUGLAS WADE has 2 Disclosures on his report, and has been in the securities industry for 16 years and was listed with 6 firms, the 3 most recent listed below:
05/17/2011 – 02/14/2018 U.S. BANCORP INVESTMENTS INC – FULLERTON, CA
01/03/2011 – 05/18/2011 WELLS FARGO ADVISORS LLC – BUENA PARK, CA
07/17/2006 – 01/03/2011 WELLS FARGO INVESTMENTS LLC – BREA, CA
If you or an elderly family member suffered investment losses due to the alleged actions or recommendations of JOHN DOUGLAS WADE formerly of U.S. BANCORP INVESTMENTS OF Fullerton, California, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA. We operate on a contingency fee basis—no fee if no recovery.