You got a “Wells call” or a “Wells letter” from FINRA and wonder what that means. Essentially a “Wells” notice, either in the form of a call or a letter, is a formal notice from FINRA that you are the subject of a regulatory investigation and that the FINRA staff intends to recommend a disciplinary action against you. It is a serious notice, and you need to respond appropriately.
Depending on your situation, your response to the Wells notice may be to prepare a file a Wells submission, or to negotiate a resolution of the matter with FINRA and settle the case, or it may be time to get ready for a potential litigation with FINRA if they bring a formal complaint against you before FINRA’s Office of Hearing Officers. Keep in mind as well that the Wells notice you receive triggers an obligation to update your Form U4. In the short video below, attorney Joel Beck discusses what it means to get a Wells notice, and what steps you may need to take.
If you have received a Wells notice from FINRA and need to discuss your situation with a lawyer, we invite you to contact us at The Beck Law Firm, LLC. We’d be happy to speak with you to see if we can be of assistance.