Craigg McRae FINRA Suspension | Unauthorized Trading
FINRA has suspended Craigg McRae, a former Wells Fargo Advisors broker, for 15 days and fined him $5,000 after he consented to findings that he exercised discretion in six customer accounts without written authorization. Investors who believe a broker traded in their account without proper authorization may want to speak with a FINRA arbitration attorney about their options.
Who Is Craigg McRae?
Craigg McRae (CRD# 4697209) has approximately 20 years of experience in the securities industry. He was registered as a broker with Edward Jones from 2003 to 2014 and with Wells Fargo Advisors Financial Network from 2014 until his termination in 2024. According to FINRA BrokerCheck, McRae is currently registered only as an investment adviser and holds no active broker registrations or state licenses. His BrokerCheck record shows two disclosure events.
FINRA’s Findings: Unauthorized Discretionary Trading
According to a FINRA Letter of Acceptance, Waiver and Consent (AWC) dated June 30, 2026, McRae, without admitting or denying FINRA’s findings, consented to sanctions after regulators found that he exercised discretion in six customers’ accounts without prior written authorization. FINRA’s findings state that McRae placed trades in these accounts without speaking to the customers on the date of the transactions.
Although the customers reportedly knew McRae was making decisions on their behalf, FINRA found that he never obtained the written authorization required to treat the accounts as discretionary, and that his firm had never formally accepted the accounts as discretionary. FINRA also found that McRae’s discretion went beyond timing and price, extending to which securities he bought and sold and in what quantities. Separately, FINRA found that McRae inaccurately told his firm, in an annual compliance questionnaire, that he had not exercised discretion in customer accounts.
For background on how discretionary authority is supposed to work, and what happens when a broker exceeds it, see our overview of unauthorized trading by a broker.
Sanctions
Under the AWC, McRae agreed to:
- A $5,000 fine
- A 15-day suspension from associating with any FINRA member firm in all capacities, running from June 30, 2026 to July 14, 2026
Wells Fargo Advisors Termination
McRae’s regulatory history also shows that Wells Fargo Advisors Financial Network discharged him on September 13, 2024. Per his BrokerCheck record, the firm stated it exercised its contractual right to disaffiliate from McRae following allegations that included use of discretion in trading and mismarked trade confirmations. These termination allegations, reported separately from the FINRA settlement, remain allegations by the firm and have not been independently adjudicated.
Wells Fargo Advisors and its affiliated entities have faced a number of other regulatory actions and customer disputes over the years. Investors who held accounts at the firm, or who are researching its disciplinary history, can read our full Wells Fargo Advisors review.
What Investors Should Know About Discretionary Trading Violations
Brokerage firms are required to obtain written authorization before a broker can exercise discretion in a customer’s account, and the firm itself must formally approve the account as discretionary. When a broker trades without that authorization, even with a customer’s informal knowledge or verbal comfort, the arrangement falls outside FINRA rules designed to protect investors from unsuitable or excessive trading.
Investors who suspect a broker traded in their account without proper written authorization, or who suffered losses from trades they did not approve, may be able to recover damages through FINRA arbitration.
Registration History
| Firm | CRD# | Years | Location |
|---|---|---|---|
| Wells Fargo Advisors Financial Network, LLC | 11025 | 2014 – 2024 | Williamsville, NY |
| Edward Jones | 250 | 2003 – 2014 | — |
Frequently Asked Questions
What did Craigg McRae do, according to FINRA?
FINRA found that McRae exercised discretion in six customer accounts without obtaining the required written authorization, and that he made trades without first speaking to the customers on the day of the transactions. FINRA also found he misrepresented his use of discretion on a compliance questionnaire.
What is the difference between a discretionary and non-discretionary account?
In a discretionary account, a broker may execute trades on a customer’s behalf without seeking approval for each transaction, but only after obtaining the customer’s written authorization and the firm’s formal acceptance of the account as discretionary. In a non-discretionary account, the customer must approve every trade before it is executed.
Can investors recover losses from unauthorized trading?
Investors who suffered losses from trades made without proper authorization may be able to pursue recovery through FINRA arbitration. An attorney experienced in securities arbitration can help evaluate whether a claim exists.
Contact The White Law Group
The White Law Group is a national securities fraud law firm with offices in Chicago and Seattle, representing investors in claims against brokers and brokerage firms nationwide. If you invested with Craigg McRae or another broker and are concerned about unauthorized trading in your account, contact a FINRA arbitration attorney at The White Law Group for a free consultation.
Call (888) 637-5510 or visit our contact page to speak with an attorney today.
