Alex Padalka
Jul 26, 2022
Adam Thomas Marquardt allegedly deposited money into client accounts to cover investment losses without Wells Fargo’s knowledge.
The Financial Industry Regulatory Authority says it has barred a former Wells Fargo financial advisor who left the firm amid allegations that he tried to hide his clients’ investment losses by depositing money in their accounts. Adam Thomas Marquardt joined the financial services industry in 2007, registering with Wells Fargo predecessor firm A.G. Edward & Sons in Rochester, Minnesota, and transitioned to Wells Fargo the following year, according to his BrokerCheck record.
In July 2020, Wells Fargo allowed Marquardt to resign voluntarily following allegations that he “deposited cashier's checks into client accounts in part to cover certain clients' investment losses without knowledge or authorization by the Firm,” according to BrokerCheck.
The following month, Marquardt joined Cetera, according to his record.
Finra, meanwhile, launched an investigation into Marquardt’s departure from Wells, according to a letter of acceptance, waiver and consent published by the industry’s self-regulator.
Last month, Marquardt failed to show up for testimony as part of that investigation, and earlier this month, following Finra’s second request that he appear for testimony, told the watchdog that he would not do so, for which Finra says it barred him.
Marquardt consented to the bar without admitting or denying the findings, according to the letter of acceptance.
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