FINRA has sacked another bank advisor for alleged bad behavior.
Paul Anthony Fabio, a former broker with Wells Fargo Advisors in New York, was barred from the industry last week for failing to cooperate with a FINRA investigation into allegations that he swiped $65,000 from a retail bank customer's account.
The regulator did not provide details of the Fabio's suspected wrongdoing. According to his BrokerCheck report, he was dismissed from Wells Fargo in July 2015 for transferring money from a bank customer's account into his account. The customer claimed the money was stolen, while Fabio maintained that the money had been loaned, the report noted.
Fabio refused to provide the regulator with the documents and information it requested, a violation that automatically results in a bar.
Fabio could not be reached for comment. In his settlement with FINRA, he neither admitted nor denied the charges but consented to an entry of FINRA's findings.
Fabio joined Wells Fargo in December 2011, according to BrokerCheck. He entered the securities industry in May 2009, when he became registered with Olympia Asset Management, a financial services company based in New York.
Anthony Mattera, a spokesperson for Wells Fargo, declined to comment on Fabio's expulsion from the industry.
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