SAMUEL FERGUSON BEACH is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 1133 CONNECTICUT AVE NW 9TH FL, WASHINGTON, DC, 20036.
SAMUEL FERGUSON BEACH has worked at WELLS FARGO CLEARING SERVICES, LLC since July 01, 2003
Disclosure History
SAMUEL FERGUSON BEACH has 1 Disclosure Event(s).
Date: March 16, 2012 Category: Regulatory Initiated By: FLORIDA OFFICE OF FINANCIAL REGULATION ("OFR") Allegations: ON DECEMBER 15, 2010, WELLS FARGO, A FEDERALLY COVERED INVESTMENT ADVISER, INFORMED THE OFFICE BY LETTER THAT AN ANOMALY IN ITS AUTOMATED SYSTEMS HAD CAUSED A NUMBER OF INDIVIDUALS TO ENGAGE IN INVESTMENT ADVISORY BUSINESS IN FLORIDA WITHOUT BENEFIT OF INVESTMENT ADVISER REPRESENTATIVE REGISTRATION. IN EARLY 2012, WELLS FARGO ADVISORS, LLC NOTIFIED THE OFFICE THAT IT HAD ADDITIONAL FINANCIAL ADVISORS, INCLUDING SHAPIRO AND BEACH, THAT POTENTIALLY NEEDED INVESTMENT ADVISER REPRESENTATIVE REGISTRATION IN FLORIDA. SHAPIRO AND BEACH ARE PROPERLY REGISTERED WITH THE OFFICE TO SELL SECURITIES. ON MARCH 16,2012, THE OFFICE ISSUED A LETTER TO DETERMINE IF SHAPIRO AND BEACH HAD ENGAGED IN INVESTMENT ADVISORY BUSINESS FROM OFFICES IN FLORIDA. IN RESPONSE TO THE OFFICE'S INQUIRY, SHAPIRO INDICATED THAT HE HAD ENGAGED IN BUSINESS FOR THREE MONTHS OUT OF THE YEAR SINCE 2008, AND BEACH INDICATED THAT HE HAD ENGAGED IN BUSINESS FOR TWO TO FOUR MONTHS PER YEAR SINCE 2009, PRIOR TO THEM EACH OBTAINING PROPER REGISTRATION IN FLORIDA. Resolution: Order SanctionDetails: Sanctions: Civil and Administrative Penalty(ies)/Fine(s) SanctionDetails: Amount: $5,625.00 Broker Comment: ERROR AT EMPLOYING FRIM CAUSED APPLICANT TO UNKNOWINGLY CONDUCT INVESTMENT ADVISORY BUSINESS IN FLORIDA WITHOUT ALL REQUIRED STATE REGISTRATIONS. SPECIFICALLY, APPLICANT LACKED INVESTMENT ADVISORY REGISTRATION BUT WAS PROPERLY REGISTERED TO OFFER AND SELL SECURITIES IN FLORIDA. EMPLOYING FIRM PAID THE FINE LEVIED AGAINS MR. BEACH.
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