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Larry Wolfe Fined & Suspended for Unauthorized Discretionary Trading in Accounts of 39 Customers

FINRA fined and suspended Stoever, Glass & Company broker Larry Charles Wolfe aka Larry Wolfinger for improperly exercising discretion in the accounts of 39 customers while he was associated with Herbert J. Sims & Co., Inc. It is Wolfe's 14th disclosure, and eighth since 2016.

FINRA AWC #2016048456401

The findings state that while associated with Herbert J. Sims in November 2015, Wolfe (CRD #502361) submitted sell orders in each of the 39 customer accounts without obtaining prior written authorization from the customers to exercise discretion within the accounts, and without the firm's approval for discretionary trading.

Herb J. Sims & Co. discharged Wolfe in December 2015 for exercising discretion in a non-discretionary account, making trades without speaking with a client first, and failing to appropriately re-title a client's account upon learning that the client had died.

According to his BrokerCheck report, Wolfe has been the subject of four settled customer complaints alleging unauthorized and unsuitable transactions, and breach of fiduciary duty. An additional arbitration alleging suitability violations resulted in a panel award of $71,770.22 to a former client, while the other settlements resulted in over $175,000 paid to claimants.

Wolfe presently is the subject of five pending customer disputes alleging unauthorized trading, unsuitable recommendations, fraudulent misrepresentations and omissions, fraud, negligence, breach of fiduciary duty, and breach of contract. The customers seek a combined $2.4 million in damages.

After his termination from Herbert J. Sims & Co., Wolfe became associated with Aegis Capital Corp. in 2016 until leaving that firm for Stoever, Glass & Company, where he remained until his June 2017 suspension from the industry.

If you have invested with Larry Charles Wolfe or with any broker or financial adviser who has unsuitably or excessively traded in your account without authorization or written discretionary authority, and such transactions have proven harmful to your investments through trading losses or the incurrence of excessive fees/commissions, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.