Public records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on September 13, 2018 indicate that Washington DC-based Wells Fargo Clearing Services broker/adviser Lloyd Layton has been sanctioned by FINRA in connection to alleged rule violations and issued a suspension from acting as a broker. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Layton (CRD# 1618414).
Lloyd Layton has spent 31 years in the securities industry and has been registered with Wells Fargo Clearing Services in Washington, DC since 2015. Previous registrations include Morgan Stanley in Washington, DC (2009-2015); Morgan Stanley & Company in Washington, DC (2007-2009); Morgan Stanley DW in Washington, DC (2004-2007); Citigroup Global Markets in New York, New York (1995-2004); and Merrill Lynch in New York, New York. He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on December 6, 1993; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on March 9, 1987; Series 31 (Futures Managed Funds Examination), which he obtained on January 27, 1999; and Series 7 (General Securities Representative Examination), which he obtained on February 21, 1987. As of September 13, 2018, he is currently registered as a broker and investment adviser with 12 US states and territories: Arizona, California, Colorado, the District of Columbia, Florida, Kansas, Maryland, Montana, New Jersey, Pennsylvania, South Carolina, and Virginia.
According to his BrokerCheck report, he has been sanctioned by FINRA.
In August 2018 FINRA sanctioned him in connection to allegations he participated in “an unsuitable pattern of short-term trading” of unit investment trust products in 54 client accounts. According to FINRA’s findings, Mr. Layton “repeatedly” advised customers to buy UITs, man of which had 24-month maturity dates, and then recommended clients sell their positions “less than a year after purchase.” FINRA’s findings stated additionally that the “average holding period” for UITS in relevant customers’ accounts was about 265 days. Per FINRA, Mr. Layton recommended his clients use the funds generated by these UIT sales to invest in “another UIT with similar or identical investment objectives,” ultimately causing unnecessary charges. He was issued a suspension of $5,000 and a three-month suspension set to begin on September 17, 2018.
If you or someone you know has complaints regarding Lloyd Layton, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on a contingency basis: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.