Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor Christopher Wendel (Wendel), in September 2017, was terminated by his firm, SA Stone Wealth Management Inc. (SA Stone Wealth) based on allegations that Wendel violated the firm’s policy on selling away. In addition, Wendel has five customer complaints on his record. The latest customer complaint occurred in May 2013 and alleged that the customer was sold in unsuitable REITs. The claim alleged $171,000 in damages and was settled.
At this time it is unclear the extent and scope of Wendel’s private securities activities. Wendel’s CRD lists that he is engaged in an outside business activity called Smoke on the Water LLC.
The providing of loans or selling of notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions – a practice known in the industry as “selling away”.