Mark Peter Koestner, a former representative of Wells Fargo Advisors, consented to FINRA’s sanction that he be barred from the securities industry. According to Koestner’s Letter of Acceptance, Waiver and Consent (“AWC”) with FINRA, Koestner “voluntarily resigned” from Wells Fargo while Wells Fargo “was conducting an internal review of the wire activity in Koestner’s bank account to and from a law firm in Panama.” The AWC also states that Wells Fargo’s internal review revealed that “it appeared that ‘Koestner wired funds to a law firm in Panama to participate in an unapproved private securities transaction.’”
Rather than participate in FINRA’s investigation of his conduct, Koestner consented to “a bar from associating with any FINRA member in any and all capacities.”
A review of Koestner’s FINRA BrokerCheck report shows that he was a registered representative of Wells Fargo Advisors from October 2000 through July 2014. The report further indicates that Koestner has been the subject to two prior customer complaints, both involving claims of unsuitable investment recommendations.
The FINRA disciplinary proceeding relating to Koestner’s AWC is No. 2014042031901.
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