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April 25, 2014

Advisor Appeals 10 Day Suspension and Ends Up with 90 Days

Steven Robert Tomlinson, a Wells Fargo advisor, was suspended by the Financial Industry Regulatory Authority (FINRA) for ninety days. Initially, Tomlinson was suspended for only ten days and fined $10,000 based upon allegations of downloading confidential client information to a flash drive. According to FINRA, Tomlinson downloaded his clients’ information to a flash drive and gave the information to an office assistant to make mailing labels for the purpose of sending announcements regarding his new job with Wells Fargo. FINRA believed that Tomlinson never supervised or told the assistant that the unencrypted drive contained confidential client information. Tomlinson disagreed with the FINRA panel’s decision and he appealed it. The independent appeal panel held up the $10,000 fine, but increased his suspension to 90 days.

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