Leroy Born Allegedly Made Unauthorized Investments

Leroy Born (CRD #: 4052650), a broker formerly registered with Wells Fargo Clearing Services, allegedly executed unauthorized transactions, according to his BrokerCheck record, accessed on September 6, 2025. If you have questions about his alleged conduct as a broker, keep reading.

Investor Dispute

On July 18, 2025, an investor alleged that Leroy Born executed an unauthorized purchase of securities that were unsuitably risky, and recommended other investments that failed to meet the client’s instructions to choose safe investments. This dispute is currently pending.

In a pending dispute filed on June 30, 2025, an investor alleged that Leroy Born failed to act in their best interest by misrepresenting securities as conservative, low-risk, and liquid. 

On February 18, 2025, an investor alleged that Leroy Born executed unauthorized investments in their account between June 28, 2024 and the date of dispute filing. This dispute is currently pending. 

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.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that adequately fit an investor’s financial goals. Brokers must take into account an investor’s tax status, age, risk tolerance, and other information described in their profile.

Investors who rely on brokers for recommendations may be able to recover their losses by seeking out FINRA arbitration.

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulative, deceptive, or otherwise fraudulent tactics to influence investors’ decisions. This includes the misrepresentation of information related to investments, such as their risks, fees, or requirements.

FINRA Rule 2010

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

Termination from Wells Fargo Clearing Services

On June 18, 2025, Leroy Born was fired from Wells Fargo Clearing Services after a review allegedly found that he had recommended investments that were unsuitable for his clients’ risk tolerances and investment profiles.

Background Information

Leroy Born has passed the following exams:

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

He previously worked for the following firms:

• Wells Fargo Clearing Services (CRD#:19616) 
• U.S. Bancorp Investments (CRD#:17868)
• UnionBanc Investment Services (CRD#:14455)
• WM Financial Services (CRD#:599)
• Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)

Kurta Law Can Help

If you worked with Leroy Born 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 that 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.