Securities Lawyers Blog
The Financial Industry Regulatory Authority (FINRA) barred broker Robert Potter (Potter) (FINRA No. 2014041579901) alleging on August 10, 2015, the agency investigated allegations that Potter commingled customer funds with his personal funds and sent Potter a letter requesting that he provide documents and information by August 17, 2015. According to FINRA Potter’s counsel requested an extension of time but that later Potter’s counsel informed staff that Potter would not provide the requested documents and information. Potter failure to provide the requested documents and information resulted in an automatic bar from the industry.
Recently, the National Futures Association (NFA) also brought action against Potter alleging that there is reason to believe that NFA Requirements are being violated in that Potter is alleged to have solicited a customer to trade futures and instructed the customer to wire funds to Potter’s personal bank account. The NFA stated that Potter’s prior firm supervisor provided NFA with copies of text messages between Potter and the customer discussing the customer’s purported investment in a futures trading account. The NFA alleges that Potter acted as an unregistered futures commission merchant by having the customer wire funds to Potter’s personal bank account, that Potter converted the customer’s funds, and that Potter lied to the customer about the value of the customer’s supposed investment.
Potter entered the securities industry in June 1983. From December 2005, until August 2011, Potter was registered with Wells Fargo Advisors, LLC. Thereafter, from August 2011, until August 2015, Potter was a registered representative with Cambria Capital, LLC out of the firm’s Salt Lake City, Utah office location.