Last Updated: February 2025 (Corpus Christi, TX)
National securities fraud lawyers at Patil Law, P.C.. are investigating former Wells Fargo Clearing Services broker John R. Nelson (CRD #1084135) regarding allegations of unauthorized trading and taking instructions from unauthorized third parties. The investigation stems from his October 2024 termination from Wells Fargo Clearing Services.
Critical Insights About Corpus Christi Financial Advisor John R. Nelson
- Advisor Name: John R. Nelson
- CRD: 1084135
- Location: Corpus Christi, TX
- Current Employer: Independent Financial Group, LLC
- Classification: Registered Representative
- Primary Location: Corpus Christi, TX
- Can John Nelson be sued in FINRA arbitration: Yes
- Customer Disputes: One prior dispute
- Current Registrations: Licensed in Texas
- Years of Experience: Since 1983
- Previous Employers: Wells Fargo Clearing Services (1998-2024), Principal Financial Securities (1987-1998), Rotan Mosle Inc. (1983-1987)
- Professional Qualifications: Series 7 and 63 licenses
Details Of Current Investigation
Wells Fargo Clearing Services discharged Mr. Nelson in October 2024 after a review concluded that he:
- Failed to reconfirm client trades
- Took trading instructions from unauthorized third parties
- Used off-channel communication systems to conduct business
- Engaged in unauthorized transactions in client accounts
Analysis Of Alleged Misconduct
The allegations raise serious concerns about:
- Trading authorization procedures
- Client consent practices
- Communication compliance
- Account handling procedures
- Supervision protocols
- Documentation standards
- Client protection measures
Regulatory Framework And Investor Protection
SEC Regulation Best Interest
Reg BI requires:
- Proper trading authorization
- Documented client consent
- Compliant communications
- Accurate recordkeeping
- Client best interest practices
FINRA Rules And Their Significance
FINRA Rule 2010 mandates:
- High standards of commercial honor
- Ethical business practices
- Proper documentation
- Authorized trading only
- Compliant communications
Professional Background
Mr. Nelson’s 40-year career includes:
- Entry into securities industry in 1983
- Long tenure at Wells Fargo and predecessor firms
- Recent transition to Independent Financial Group
- Multiple firm associations
- Extensive client relationships
Red Flags For Investors
- Recent termination for misconduct
- Unauthorized trading allegations
- Communication violations
- Documentation issues
- Third-party authorization concerns
- Prior customer dispute history
- Multiple employer changes
- Regulatory violations
Implications For Current And Former Clients
Current and former clients should:
- Review all account documentation
- Verify trading authorizations
- Examine account statements
- Check transaction history
- Monitor account activity
- Document communications
- Verify trade confirmations
- Consider independent review
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have concerns about unauthorized transactions or suspicious trading activity in your account handled by Mr. Nelson, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.
