Finra smacks Philly broker with Wells notice
A veteran Philadelphia-area broker, Austin Dutton, who for years has been under the scrutiny of securities regulators, is now facing one of the most dire developments in the career of a financial advisor: a Wells Notice.
The Financial Industry Regulatory Authority Inc. in October filed its Wells Notice against Dutton, according to his BrokerCheck report. The notice is essentially a letter informing the investment professional of the substance of allegations and charges the regulator intends to bring.
Dutton did not return a message Monday morning to comment.
Finra made its “preliminary determination” to recommend a disciplinary action against Dutton for allegedly violating industry rules regarding turning over information and documents, according to the BrokerCheck report.
“We’ve had a bunch of Austin Dutton complaints from investors, and I’m not surprised to hear he is being investigated by a securities regulator,” said Dax White, a plaintiff’s attorney. “Finra is looking to get his attention with the Wells Notice. It’s not a good day for Austin Dutton.
Dutton’s securities licenses has been suspended and he has not been registered since January 2022. His career spans 25 years with nine broker-dealers. He has a total of 36 so called “disclosure items” on his BrokerCheck report, ranging from customer complaints to investigations.
Dutton for years has faced questions from securities regulators for a variety of reasons.
Citing “dishonest or unethical practices in the securities business,” the Pennsylvania Department of Banking and Securities in 2017 fined Dutton $200,000. Dutton “recommended the purchase of a security to at least one customer without reasonable grounds to believe that the transaction was suitable for
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