According to publicly available information, former financial advisor Peter Vincent Ianace (CRD# 3238078), who was previously affiliated with Wells Fargo Clearing Services, LLC (Wells Fargo) in the firm’s Plano, Texas office, was recently barred by FINRA. Specifically, through a Letter of Acceptance, Waiver & Consent (AWC)—under which he neither admitted nor denied FINRA’s factual findings—Mr. Ianace consented to the industry bar for his purported refusal “to provide documents and information requested by FINRA in connection with its investigation into his potential failure to disclose outside business activities to his member firm.”

Mr. Ianace was a longtime financial advisor with 20 years of industry experience. Mr. Ianace entered the securities industry in 1999 and was initially affiliated with A.G. Edwards & Sons, Inc. Most recently, Mr. Ianace was affiliated with Wells Fargo from December 2019 until his separation from employment in June 2020, and previous to that, he was an employee of Merrill Lynch from 2011 to December 2019. Through its recent investigation “into Ianace’s potential failure to disclose outside business activities. . .” to his employer, FINRA issued him a request for documents and information. Mr. Ianace’s purported refusal to provide documents constituted a violation of FINRA Rule 8210, in addition to Rule 2010 which requires industry members to “conduct business with high standards of commercial honor” and “maintain just and equitable principles of trade.”

According to FINRA BrokerCheck, Mr. Ianace has been named or otherwise involved in three customer disputes. As of this writing, one dispute remains pending and concerns allegations of “unsuitable recommendations” and a purported failure to “reduce the over-concentrated and over-leveraged nature” of certain customer accounts.

Under applicable securities laws and FINRA Rules, brokerage firms like Wells Fargo and Merrill Lynch have a legal obligation to ensure that their registered representatives are adequately supervised. In this regard, brokerage firms must take reasonable steps to ensure that their brokers follow applicable securities rules and regulations, as well as adhere to the firm’s internal policies. In those instances when a brokerage firm fails to adequately supervise its brokers, it may be held liable for losses suffered by investors.

Investors who have suffered losses with Peter Vincent Ianace, or another financial advisor, may contact our office by telephone at (201) 771-1115 or by email at info@gialawgroup.com for a no-cost and confidential consultation to learn more about their legal rights. The attorneys at Giarrusso Law Group LLC have extensive experience with handling all manner of claims on behalf of investors who have been victimized by securities fraud or related misconduct.