May 25, 2023

Mark Allen Brewer Fined and Suspended

an older woman in sad because of bad broker advice

MARK ALLEN BREWER, a broker/financial advisor from Wells Fargo Clearing Services, LLC of Riverside, California has been suspended by FINRA for 45 days for allegedly designating his friend as beneficiary of a client account. Brewer also was fined $5,000 by FINRA.

Without admitting or denying FINRA’s findings, MARK ALLEN BREWER consented to the sanctions and to the entry of FINRA’s findings that he allegedly asked a client to designate his friend as a beneficiary of the client's accounts.

FINRA’s findings stated that after the client's spouse passed away, she informed MARK ALLEN BREWER, whom, according to the FINRA report, she considered a friend, that she wanted to designate him as a beneficiary of her accounts. Brewer then requested that his member firm approve his request to be named as beneficiary of the client's accounts.

According to FINRA, the firm denied the request because it prohibits representatives from being named as a beneficiary of any client account unless the client is an immediate family member. The client again asked if she could change her beneficiary designations to name Brewer as beneficiary of her accounts, which Brewer declined. The FINRA report stated after discussing other options, MARK ALLEN BREWER allegedly suggested that the client submit two applications changing the beneficiary designations of the client's accounts to an individual who was a family friend of Brewer, but who had no connection to or relationship with the client. The client agreed and Brewer submitted the requests to the firm.

FINRA alleged that MARK ALLEN BREWER did not disclose to the firm that the individual the client had named as beneficiary of her accounts was in fact Brewer's friend. The firm approved the client's beneficiary change requests. The client removed Brewer's friend as beneficiary of her firm accounts after the firm contacted her about the beneficiary designation.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, MARK ALLEN BREWER, has been in the securities industry for 32 years and was listed with 3 firms.  He has 2 disclosures on his FINRA CRD report. Brewer began his securities career in 1991 at Merrill Lynch Pierce Fenner & Smith, Inc., in New York, and then he moved to A.G. Edwards & Sons Inc., of Riverside, California in 2003. He then joined Wells Fargo of Riverside, California, in 2008.  Brewer is listed both as a broker and as a financial advisor.

If you’ve experienced financial losses due to the actions or recommendations of Wells Fargo of Riverside, California, broker/financial advisor, MARK ALLEN BREWER, 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 to you if no recovery.

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