FINRA Recommends Disciplinary Action Against Charles Shields 

Charles Shields (CRD #: 2067177), a broker registered with Wells Fargo Clearing Services, was recently investigated by FINRA, according to his BrokerCheck record, accessed on July 5, 2023. If you have questions about his alleged conduct as a broker, keep reading.

FINRA Investigation

On May 16, 2023, FINRA made a preliminary determination recommending disciplinary action against Charles Shields following an investigation. FINRA alleged that he violated FINRA Rule 2010 by executing seven unauthorized transactions in a client’s account.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 3260

Unauthorized trading violates FINRA Rule 3260, which limits brokers to engaging in discretionary trading only in pre-authorized accounts. Both the firm and the client must approve an account before discretionary trading can occur.

Investor Dispute

On November 14, 2019, an investor alleged that, at some point prior to April 2009, Charles Shields failed to take reasonable steps to verify the client’s identity and authorization when opening a brokerage account. The client received a settlement of $255,000.

Background Information

Charles Shields has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 31 – Futures Managed Funds Examination
• Series 7 – General Securities Representative Examination

Charles Shields is a registered broker in 20 states and a registered investment adviser in Pennsylvania.

He has also worked for First Union Capital Markets (CRD#:6124) and Butcher & Singer (CRD#:6517).

Kurta Law Can Help

If you worked with Charles Shields and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.