Michael Yarus Fired from Wells Fargo Clearing Services Following Alleged Misconduct

Michael Yarus (CRD #: 1543852), a broker registered with Carter, Terry & Company, was fired from his previous firm, according to his BrokerCheck record, accessed on March 13, 2023. Keep reading if you want to know more about his alleged conduct as a broker.

Termination from Wells Fargo Clearing Services

On January 25, 2023, Michael Yarus was fired from Wells Fargo Clearing Services after an internal investigation allegedly revealed that he engaged in the following forms of misconduct:

• Placing trades in three client accounts on the instructions of third parties who did not have written authorization to direct trading
• Falsely stating in an electronic record that he had spoken to two clients
• Opening new accounts for a client after learning of their incapacitation

FINRA Rule 3260

Unauthorized trading violates FINRA Rule 3260, which restricts brokers from engaging in discretionary trading outside of discretionary accounts approved by both the client and firm.

FINRA Rule 2010

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

Background Information

Michael Yarus 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 7 – General Securities Representative Examination

Michael Yarus is a registered broker and a registered investment adviser in New York.

He has also worked for the following firms:

• Wells Fargo Clearing Services (CRD#:19616)
• UBS Financial Services (CRD#:8174)
• Morgan Stanley & Company(CRD#:8209)
• Morgan Stanley (CRD#:7556)
• Advest (CRD#:10)
• Lebenthal & Company (CRD#:6490)

Kurta Law Can Help

If you worked with Michael Yarus 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.