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Written by 10:02 pm FINRA SEC Sanctions

Louis Goff, Wells Fargo Advisor, Barred by FINRA 

Louis Goff, Wells Fargo Advisor, Barred by FINRA featured by top securities fraud attorneys, The White Law Group

Louis Goff Barred after Securities Fraud Allegations 

According to an article in Investment News, broker Louis Goff, formerly registered with Wells Fargo Advisors, was reportedly barred from the securities industry this week after allegations of securities fraud.

Louis Goff allegedly failed to provide the requested documents in an investigation by the Financial Industry Regulatory Authority Inc. (FINRA). The Securities and Exchange Commission (SEC) reportedly filed a civil law enforcement action in September 2023 against Phoenix Outsourced Development, LLC (Phoenix), Edger Solutions Management, LLC (Edger Management) and six individuals, including Goff. Between June 2019 and April 2020, Goff and the other defendants allegedly raised over $2.1 million from at least 49 investors by offering subscription agreements in two investment funds.

Goff and the others allegedly misled investors about the profitability of the investment funds, claiming guaranteed profits from a high-yield foreign currency (Forex) trading program operated by the funds, namely POD Solutions, LLC and Edger Solutions, LLC . They purportedly provided false information about fees, profit calculations, and the funds’ performance to investors. Additionally, they reportedly deceived investors by creating fake monthly account statements showing inflated values.

The Defendants allegedly failed to disclose that the person supposed to run the Forex trading program was a convicted felon with a history of securities fraud. These actions violated federal securities laws that prevent fraud.

Goff is reportedly facing charges from the Securities and Exchange Commission (SEC) and agreed to a $60,000 penalty and to stop selling securities. He allegedly misled investors about the profits they’d make through two entities, Phoenix and Edger Management. He and two others were charged with falsifying account statements, misappropriating funds, and failure to disclose crucial information to investors.

FINRA BrokerCheck: Louis Goff 

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.

According to Louis Goff’s FINRA BrokerCheck report, he reportedly has 3 disclosures on his broker record, including a personal bankruptcy filed in 2014.

Goff was reportedly affiliated with the following firms during his career, among others:

09/12/2011 – 10/25/2023, WELLS FARGO CLEARING SERVICES, LLC (CRD#:19616), SALT LAKE CITY, UT,
B, 04/17/2008 – 10/09/2009, HORNOR, TOWNSEND & KENT, INC. (CRD#:4031), SALT LAKE CITY, UT

Filing a Complaint against your Brokerage Firm   

FINRA has regulations in place to ensure advisors act in the best interest of their clients (known as the fiduciary duty), but it’s wise for investors to stay informed and ask for clarification about any recommendations made by their advisor.

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 Louis Goff, 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 27, 2023