ADAM EDWARD DAY is currently employed as a Broker and/or Investment Adviser at WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC located at 6760 PERIMETER DR, DUBLIN, OH, 43016.
ADAM EDWARD DAY has worked at WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC since June 12, 2018
ADAM EDWARD DAY has 1 Disclosure Event(s).
Date: April 12, 2017 Category: Employment Separation After Allegations Firm Name: FIDELITY INVESTMENTS Termination Type: Discharged Allegations: Allegation that employee failed to properly follow firm's customer verification procedures but wrote on customer application form that he had verified the customer. Broker Comment: A few weeks prior to my termination, I took a branch queue call from a customer asking if we had received his paperwork to link his bank account to his online access. I authenticated this customer using his name, account number, social security number, address and date of birth. After authenticating the customer, I checked the mail along with his file to discover that we had received his paperwork in the mail. At this point in time I authenticated his paperwork using the information that he previously provided to me during the call (Account number, social security number, address and date of birth) so that his paperwork would be in good order. About a week later Fidelity received a call from a customer stating that someone had fraudulent accessed his online account and moved funds (approximately $4000.00) to a bank account that he did not recognize but was now set up on his account. After review it was determined that the client that I spoke to was not the actual client but was a fraudulent customer who had access to all of the actual customer's online access and personal information. After reviewing the entirety of the situation Fidelity's compliance department determined that they were to terminate me because I was the one who authenticated the paperwork for the fraudulent bank account. Even though I authenticated with account number, social security number, address and date of birth, Fidelity's compliance department said that I should have checked the paperwork with a signature on the customer's account already. Since the customer had opened their accounts online, there were no previous signatures to match it to. Fidelity's compliance department said in this case that I should not have authenticated the paperwork at all.
All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings and criminal or civil judicial proceedings.
A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
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