Another former Wells Fargo rep has gotten the boot from FINRA.
Christopher John Pierce, an adviser and personal banker with Wells Fargo in Exton, Pa., was ejected from the industry this week for allegedly stealing $1,380 from a customer's bank account.
Pierce purportedly issued an instant debit card with a $1,500 daily withdrawal limit under the customer's name without the customer's knowledge or consent, FINRA claimed in a filing. He then allegedly used the debit card to make two unauthorized ATM withdrawals totaling $1,380.
When the customer complained, Pierce replenished the account by withdrawing $1,380 from another customer's account in an effort to conceal the theft, FINRA said. The chicanery occurred in March.
Pierce could not be reached for comment. He did not appoint a lawyer to represent him in the FINRA's disciplinary proceeding. In his settlement with FINRA, Pierce neither admitted nor denied the charges but consented to an entry of the regulator's findings.
Pierce joined Wells Fargo in January 2014 and was discharged in March 2016 after admitting to his misconduct, according to his BrokerCheck report.
Pierce is the third former Wells Fargo rep to be barred from the industry this year. Mark Peter Koestner was barred in April for refusing to cooperate with a FINRA investigation into wire activity in his bank account. And Jorge Jose Gonzalez was barred in March for allegedly stealing funds from a bank customer.
Anthony Mattera, a spokesman for Wells Fargo, declined to comment on Pierce's expulsion from the industry.