George Cairnes Fired by Wells Fargo

George Cairnes (CRD #: 4068906), a broker registered with Chelsea Financial Services, was terminated by Wells Fargo. This is according to his BrokerCheck record, accessed on August 4, 2023. For details concerning the termination, keep reading. 

On June 28, 2023, Wells Fargo terminated George Cairnes following allegations after a review determined that he facilitated a loan between clients as well as loans and other transactions between a client and individuals associated with him. 

There is a similar customer dispute on his record. On April 26, 2023, an investor alleged that she set up a line of credit to loan money to George Cairnes, his family members, and his friends, and that a portion of that loan has not been repaid. This allegedly resulted in her line of credit having an outstanding balance. The alleged activity took place from May 1, 2015 to April 26, 2023. 

FINRA Rule 3240

FINRA Rule 3240 describes the circumstances under which brokers may borrow from or lend to clients, such as loans between immediate family members. The rule states that brokers must comply with their firm’s policies regarding loans to investors. 

Background Information 

George Cairnes has passed the following exams: 

• Series 66 Uniform Combined State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 31 Futures Managed Funds Examination 
• Series 7 General Securities Representative Examination

George Cairnes has registered with the following firms:

• Wells Fargo Clearing Services (CRD #: 19616) 
• Chelsea Advisory Services (CRD #: 150791)
• Wells Fargo Investments (CRD #: 10582) 
• Stanford Group Company (CRD #: 39285) 
• Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691)

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