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Leroy Born Allegedly Made Unauthorized Investments

Leroy Born (CRD #: 4052650), a broker registered with Wells Fargo Clearing Services, allegedly executed unauthorized transactions, according to his BrokerCheck record, accessed on May 31, 2025. Investors may have also worked with him through Wells Fargo Advisors. If you have questions about his alleged conduct as a broker, keep reading.

Investor Dispute

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 was denied by the firm.

However, investors can still seek out FINRA arbitration and potentially recover their losses even if a firm denies their dispute.

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 2010

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

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

Leroy Born is a registered broker in ten states and a registered investment adviser in California.

He has also worked for the following firms:

  • 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. 

 

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