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LARRY BENJAMIN SWANEY

LARRY BENJAMIN SWANEY is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 3105 GLENWOOD AVE STES 201 & 302, RALEIGH, NC, 27612.

LARRY BENJAMIN SWANEY has worked at WELLS FARGO CLEARING SERVICES, LLC since January 01, 2008

Disclosure History

LARRY BENJAMIN SWANEY has 2 Disclosure Event(s).

Date: August 22, 1988
Category: Regulatory

Date: February 09, 1987
Category: Employment Separation After Allegations
Firm Name: ROBINSON-HUMPHERY CO. INC.
Termination Type: Discharged
Broker Comment: ON OR ABOUT4/10/87, LARRY SWANEY WAS INFORMED BY THE NASD DBCC #10 THAT HEWAS THE SUBJECT OF A PENDING NASD INQUIRY INVOLVING HISDISCHARGE FROM THE ROBINSON-HUMPHREY CO., INC. ON 2/9/87, FORUNAUTHORIZED DISCRETIONARY TRADING. THE ACCOUNTS IN QUESTIONARE: 1) HILDABRAND AND MARY MARSH, 2) B. WADE ISSACS, 3) BOBHUPMAN, 4) GEORGE AND BARBARA FISHER, 5) W.R. HUPMAN, SR. AND 6)HUGH MCCLURE HUPMAN. THE FOLLOWING INFORMATION REPRESENTS MR.SWANEY'S ACCOUNT OF THE SPECIFIC FACTS ABOUT ALL SIX ACCOUNTS:1) HILDEBRAND AND MARY MARSH ~ ON 1/8/87, AT THE EXPRESSEDAUTHORIZATION OF MR. MARSH, THE ACCOUNT SOLD 10 S&P INDEX MARCH255 CALL OPTIONS FOR $200.00 EACH. MR. MARSH SPECIFICALLY AGREEDAT THE TIME THIS POSITION WAS INITIATED THAT THEY SHOULD FOLLOWTHE TRADING STRATEGY FOR LIMITED LOSSES WHICH WAS DISCUSSED. ON1/16/87, THE CALL OPTIONS WERE ALMOST IN THE MONEY. AFTERATTEMPTING TO REACH MR. MARSH BY TELEPHONE AND ABEING UNABLE TODO SO, MR. SWANEY CLOSED OUT THE POSITION AND ROLLED IT OVER TOTHE NEXT HIGH STRIKE PRICE IN ACCORDANCE WITH THE AGREED UPONTRADING STRATEGY BY BUYING BACK THE 10 MARCH 255 CALLS ANDSELLING 10 MARCH 260 CALL OPTIONS. ON 1/19/87, THE MARKET ROSEAGAIN AGAINST MR. MARSH'S POSITION. MR. SWANEY AGAIN WASUNSUCCESSFUL IN REACHING MR. MARSH BY TELEPHONE AND TO AVERTFURTHER LOSSES ON 1/19/87, MR. SWANEY CLOSED OUT THE POSITION BYBUYING BACK THE 10 MARCH 260 CALL OPTIONS, WHICH AGAIN COMPLIEDWITH THE TRADING STRATEGY APPROVED BY MR. MARSH. THIS WAS THEONLY INSTANCE IN WHICH MR. SWANEY MADE TRADES WITHOUT THESPECIFIC PRIOR AUTHORIZATION OF MR. MARSH. THESE TRANSACTIONSRESULTED IN APPROXIMATELY $6,500.00 OF LOSSES FOR MR. MARSH'SACCOUNT. HOWEVER, MR. SWANEY HEDGED THE CALL OPTIONS BY SELLINGMARCH 235 PUT OPTIONS WHICH RESULTED IN A GAIN OF $1,100.00 FORMR. MARSH'S ACCOUNT. ACCORDINGLY, THE NET LO*SEE FAQ #1*

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