Articles Tagged with Fifth Third Securities

Chicago-based Stoltmann Law Offices is investigating regulatory filings establishing that former Fifth Third and Merrill Lynch financial advisor David S. Wells has accepted a permanent bar from the securities industry. According to a publicly filed Acceptance, Waiver, and Consent (AWC) filed with the Financial Industry Regulatory Authority (FINRA), Wells accepted the lifetime ban in lieu of appearing for or providing information to FINRA pursuant to FINRA Rule 8210. Wells did not admit to any misconduct. He chose to accept a lifetime bar from the securities industry instead of sitting for an OTR (on the record) interview, answer questions, or provide information to FINRA.

According to David Wells’s FINRA broker/check report, he “resigned” from Fifth Third Securities on June 30, 2021 after admitting he misappropriated funds from three clients. There is no other information available publicly about how much Wells stole or whether he refunded the victims. One fact is certain: his registration with Fifth Third Securities gives victims a change to recover those stolen funds. As a a matter of law, Fifth Third Securities is responsible for the conduct of their agents, like David Wells. Fifth Third had a duty to supervise Wells, his office, his client accounts, and to exercise supervisory authority over Wells to prevent violations of securities rules and regulations. These supervision rules and regulations are a critical part of the securities industry regulatory system and brokerage firms like Merrill Lynch and Fifth Third Securities can be held liable for damages for failing to properly supervise financial advisors like David Wells.

FINRA wields mighty authority over the registered representatives they license under Rule 8210. When FINRA comes calling for information in connection with an investigation under FINRA Rule 8210, financial advisors have two options. 1) They can cooperate fully with FINRA’s investigation or 2) they can voluntarily accept a lifetime bar. It would seem obvious why a financial advisor would accept the life time bar – they do not want to provide FINRA with any information because FINRA is on to something.  Its not quite that simple however. Complying with and responding to a FINRA Rule 8210 request can be difficult and if done without counsel is not advisable. If the registered representative is not being supported by his brokerage firm, it can be a terrifying experience.

Do you or someone you know have claims against former Fifth Third broker Ankur Bhatia? If so, the attorneys at Stoltmann Law Offices may be able to help you. Stoltmann Law Offices is investigating Bhatia, who allegedly misrepresented material facts, executed unauthorized trades, and issued unauthorized credit cards. On another occasion, Mr. Bhatia recommended an unsuitable mutual fund investment, and misrepresented material facts related to a mutual fund product in September 2007. These are all against securities laws and internal firm rules. According to public, online records with the Financial Industry Regulatory Authority (FINRA), Ankur Bhatia was previously registered with Fifth Third Securities in Lake Forest, Illinois from April 2006 until February 2016. He has three customer disputes against him, two of which are currently pending. He is not currently registered within the industry as a broker.

The attorneys of Stoltmann Law Offices are interested in speaking to those individuals who may have lost money with Kevin Reed. The Oklahoma Securities Commission is seeking to bar Reed from the securities industry regarding allegations that he altered customer documents. According to the Commission, he allegedly cut off a customer’s signature off of a document and taped it onto another form that authorized a deposit in an IRA rollover contribution. He was also alleged to have altered a customer’s net worth on a form in order for the customer to invest in a structured product. He also allegedly altered two other customer documents while registered with Fifth Third Securities.

Reed was a broker with The Lincoln National Life Insurance Co. in Fort Wayne, Indiana from April 1994 until June 1995, Lincoln Financial Advisors Corp in Fort Wayne from April 1994 until June 1995, Fiserv Investor Services in Houston, Texas from May 2000 until December 2003, Primevest Financial Services in Fort Wayne, from December 2003 until April 2010 and Fifth Third Securities in Fort Wayne from May 2010 until July 2016. He is currently registered with Packerland Brokerage Services in Fort Wayne and has been since August 2016. He has two customer disputes against him.

Please call our Chicago-based securities law offices at 312-332-4200 to speak to one of our attorneys about your options of bringing legal action against his former firm, Fifth Third Securities. The firm may be liable for investment losses because of failure to reasonably supervise its registered representatives. We take cases on a contingency fee basis so please call today. The call is free with no obligation. We bring claims against securities firms in the Financial Industry Regulatory Authority (FINRA) arbitration forum.

According to the Financial Industry Regulatory Authority (FINRA), Nathan Bartow was barred from the securities industry. Fifth Third Securities terminated him on April 25, 2016, for failing to provide complete information over outside business activities. A customer complaint was filed, alleging that Bartow negligently managed and converted $500,000 of his investment assets. This is against securities rules and regulations. According to his online FINRA BrokerCheck report, Bartow was registered with Charter One Securities in Cleveland, Ohio from December 2004 until December 2005, CCO Investment Services in Canton, Ohio from December 2005 until March 2013 and Fifth Third Securities in Barberton, Ohio from March 2013 until April 2016. He has six customer disputes against him, one of which is currently pending. He is not licensed within the industry and FINRA permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public. Please call our Chicago-based law offices today to speak to an attorney about your options of suing Fifth Third Securities for Nathan Bartow losses. The firm may be responsible for your investment losses because they failed to reasonably supervise Bartow while he was employed there. Please call today as time is of the essence.


Stoltmann Law Offices is investigating Barbara D. Fife, a former employee of LPL Financial in Indianapolis, Indiana and John W. Ruggles, a former employee of City Securities, also in Indianapolis. The Financial Industry Regulatory Authority (FINRA) recently barred Fife from the brokerage industry for life, and suspended Ruggles for 14 months and fined him $5,000. Ruggles was accused of falsifying emails and trade reports. Fife was accused by a customer of never investing checks into his or her account which were made out for the purpose of investing.

According to her online FINRA BrokerCheck report, Barbara D. Fife was registered with MML Investors in Springfield, Massachusetts from May 1993 until July 1993, Essex National Securities in Napa, California from July 1993 until March 1996, First Chicago NBD Investment Services in Chicago, Illinois from March 1996 until August 1996, Independent Financial Securities Inc. from September 1996 until January 1997, NatCity Investments in Cleveland, Ohio from August 1996 until February 1997, Banc One Securities Corp in Chicago from February 1999 until April 1999, UBS Financial Services in Weehawken, New Jersey from April 1999 until July 2003, Fifth Third Securities in Cincinnati, Ohio from July 2003 until November 2005, City Securities Corp in Indianapolis, Indiana from November 2005 until July 2007 and LPL Financial in Fishers, Indiana from September 2007 until June 2014. She has five customer disputes against her. She is not licensed and has been permanently barred from the industry.

John W. Ruggles was registered with Raffensperger, Hughes & Co. in Indianapolis, Indiana from July 1993 until July 1995, NatCity Investments in Cleveland, Ohio from July 1995 until March 1997, Independent Financial Securities from January 1997 until March 1997, Charles Schwab & Co. in San Francisco, California from April 1997 until June 2005, Edward Jones in Avon, Indiana from June 2005 until March 2006, Charles Schwab in Indianapolis, Indiana from September 2006 until April 2013 and City Securities Corp in Indianapolis from May 2014 until April 2015. He has one customer dispute against him. He is not currently licensed within the industry.

Stoltmann Law Offices is investigating Barbara D. Fife, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). She is accused of converting the funds of a firm customer, while she was registered with LPL Financial. Subsequently, FINRA barred her from the industry for her misconduct. She was registered with the following firms: MML Investors Services, Essex National Securities, First Chicago NBD Investment Services, Independent Financial Securities, Natcity Investments, First Chicago NBD Investment Services, Banc One Securities, UBS Financial Services, Fifth Third Securities, City Securities and LPL Financial in Fishers, Indiana from September 2007 until June 2014. She is not currently registered with any member firm. She has five customer disputes against her, one of which is pending. She is not licensed in the industry, and FINRA permanently barred her from acting as a broker or associating with firms that sell securities to the public.

If you invested money with Barbara D. Fife, please call our securities law firm at 312-332-4200 to speak with an attorney about your options of suing her former firm, LPL Financial. They had a duty to reasonably supervise her while she was employed with them. The call is free with no obligation. We take cases on a contingency fee basis only.

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