Boca Raton-Based Broker Larry Charles Wolfe Fined and Suspended by FINRA
Allegations against the former broker include unauthorized trading, unsuitability, and fraud, among others
With 38 years of experience in the securities industry, Boca Raton-based Stoever, Glass & Company, Inc. broker Larry Charles Wolfe has a total of 14 disclosures listed on his Financial Industry Regulatory Authority (FINRA) BrokerCheck report.
Most recently, in June 2017, Wolfe received a $5,000 fine and 15-day suspension from participating in the securities industry for allegedly exercising discretion in the accounts of customers. He is reported to have submitted sell orders to sell one particular security in each customer account without obtaining prior written authorization from the customers or written approval of the accounts as discretionary from his member firm.
Prior to this latest disclosure report, Wolfe’s record includes numerous FINRA disclosures and the damages requested against him are in excess of $3.7 million. They include:
- Fraud and deceit
- Fraudulent misrepresentations
- Omission of material information
- Breach of contract
- Unauthorized trading
- Unsuitable investment recommendations
- Churning (when a broker excessively trades within a customer account to generate commissions)
- Exercising discretion without written authorization
At the end of 2016, Wolfe was discharged from his employment with Herbert J. Sims & Co. Inc. in Boca Raton, FL for allegedly exercising discretion in a non-discretionary account; reportedly making trades for an account without speaking with the client before making the trades. In addition, Wolfe allegedly failed to appropriately re-title a client’s account upon learning that client was deceased, also in violation of firm polices.
Prior to his employment with Stoever, Glass & Company Inc. in Boca Raton, FL from May 2016 to June 2017, Larry Charles Wolfe was employed by 10 other firms, most recently:
- Aegis Capital Corp. in Boca Raton, FL from February 2016 to March 2016
- Herbert J. Sims & Co. Inc. in Boca Raton, FL from March 2000 to January 2016
- The GMS Group, LLC in Livingston, NJ from February 1991 to February 2000
If you or someone you know entrusted your money to Larry Charles Wolfe or any broker who may have violated FINRA rules, and have suffered a financial loss, you may be able to recover some or all of your losses through securities arbitration.
The attorneys at Silver Law Group are leaders in the field of securities arbitration and elder financial fraud cases. Representing individual and institutional investors across the United States, our attorneys have a proven track record of financial loss recovery for those who have lost money at the hands of a trusted financial advisor. Since our services are provided on a contingency-fee basis, we are only compensated if there is a recovery of losses. Contact us today to discuss your options.
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