FINRA has moved to banish an ex-Wells Fargo broker from the industry for failing to cooperate with an investigation into allegations that he borrowed thousands of dollars from a 70-year-old customer without Wells Fargo's prior approval.
Andrew Lyman Quinn, who worked for Wells Fargo Advisors in Reno, Nev., allegedly borrowed a total of $64,000 from the customer from May 2009 to May 2010 in loan amounts ranging from $4,000 to $20,000. He purportedly directed the customer to transfer funds from her Wells Fargo securities account to her checking account and to issue him a check for the loan proceeds, according to FINRA's hearing panel decision to bar him.
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