An irreverent Wall Street Blog
by Bill Singer

Wells Fargo Broker Took Regulatory Bank Shots

June 18, 2013

Maybe they gotta rethink the whole idea about having one person working at both a brokerage firm and its banking affiliate. If you go by some recent cases, it seems like having all that cash around is just too much a temptation for some folks.

For the purpose of proposing a settlement of rule violations alleged by the Financial Industry Regulatory Authority ("FINRA"), without admitting or denying the findings, prior to a regulatory hearing, and without an adjudication of any issue, Steven Bruce Grunwerg submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which FINRA accepted. In the Matter of Steven Bruce Grunwerg, Respondent (AWC 2012032630801, June 5, 2013).

Grunwerg entered the securities industry in 1995; and in 2000 he became associated with FINRA member firm Wells Fargo Advisors, LLC, where he was also employed by the firm's banking affiliate Wells Fargo Bank as a Financial Specialist.  The AWC asserts that Grunwerg had no previous disciplinary history.

A Balancing Act

The AWC alleges that around March 10, 2010, Grunwerg executed a $30,000 promissory note with a Wells Fargo Advisors' customer. The Note acknowledged that $50,000 of a pre-existing $80,000 had been paid. Upon learning of the Note, on April 23, 2012, Wells Fargo Advisors' permitted Grunwerg to resign.

BTW

On the same day of his permitted resignation, Grunweg told a Wells Fargo Bank customer that he had removed $65,000 from her safe deposit box.

Adding It All Up

The AWC charged Grunweg with violating: 
  • FINRA Rule 2010 for taking funds from the bank customer; and 
  • NASD Rule 2370 and FINRA Rule 2010 for borrowing money from a  brokerage customer.
In accordance with the terms of the AWC, FINRA imposed upon Grunwerg a Bar from association with any member of FINRA in any capacity.

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