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Written by 7:11 pm Broker Investigations, FINRA SEC Sanctions

Wells Fargo Broker Joe David Gainer Jr. Barred by FINRA 

Wells Fargo Broker Joe David Gainer Jr. Barred by FINRA featured by top securities fraud attorneys, the White Law Group

Joe David Gainer Jr. Allegedly Accepted $3 Million Gift from Client

According to the Financial Industry Regulatory Authority (FINRA), Joe David Gainer Jr. (CRD#: 4517367) reportedly refused to appear for on-the-record testimony requested by FINRA in connection with its investigation. FINRA, the securities regulator, was investigating the internal review disclosed by his member firm, Wells Fargo Clearing Services.

FINRA’s investigation was related to whether Gainer failed to disclose a position of trust in relation to and receiving a $3 million dollar gift from one of his firm clients. Consequently, Gainer has been barred from associating with any FINRA member at any time.

FINRA Rule 3241

FINRA Rule 3241 Registered Person Being Named a Customer’s Beneficiary or Holding a Position of Trust for a Customer:  FINRA rule 3241 requires all member firms to address registered persons being named beneficiaries or holding positions of trusts for customers.

According to FINRA, a registered representative is required to seek approval from his or her member firm prior to being named as beneficiary or a holding position of trust.

FINRA Rule 3241 became effective Feb. 15, 2021, and does not apply where the customer is a member of the registered person’s immediate family. The rule addresses potential conflicts of interest that may arise when a broker or financial advisor is named as a Trustee, beneficiary or executor of a client’s estate.

FINRA BrokerCheck Report – Joe David Gainer, Jr.

According to this FINRA BrokerCheck report, Joe David Gainer Jr. was affiliated with the following firms during his career, among others:

11/10/2016 – 06/15/2022, WELLS FARGO CLEARING SERVICES, LLC (CRD#:19616), MARIANNA, FL,  B, 01/04/2013 – 11/15/2016, SUNTRUST INVESTMENT SERVICES, INC. (CRD#:17499), PANAMA CITY, FL B, 04/07/2010 – 01/07/2013, HANCOCK INVESTMENT SERVICES, INC. (CRD#:40637), TALLAHASSEE, FL

The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.

You can find detailed information about the professional history, qualifications, and regulatory actions of brokers and brokerage firms. You can use the tool to verify whether a broker or brokerage firm is registered with FINRA, as well as to review their employment history, licensing status, and any regulatory actions or complaints filed against them.

Filing a Complaint against your Brokerage Firm

When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

If you have suffered investment losses with Joe David Gainer Jr., the securities attorneys at the White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.    The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.

Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.

With over 30 years of securities law experience, The White Law Group has the expertise to help investors to recover their securities fraud losses.  For more information, please visit our website, www.whitesecuritieslaw.com.


Tags: , , Last modified: December 8, 2023