Virginia Advisor Clears Records With Customer Dispute Expungements

• Two Disputes Cleared: A Virginia-based advisor successfully expunged two separate customer disputes from his CRD and BrokerCheck records in a single FINRA arbitration."
• Clearly Erroneous" Findings: The FINRA arbitration panel determined that the allegations from both clients were "factually impossible or clearly erroneous," validating the advisor's conduct.
• Restored Professional Standing: This expungement order removes misleading claims of unauthorized trading and misrepresentation, restoring the advisor's clean professional record and removing a barrier to future career opportunities.
• Legal Representation: The advisor was represented by William R. Bean, Esq. and Megan Frysinger, Esq. of HLBS Law, who presented extensive evidence to support the expungement request.
• Firm's Neutral Stance: The advisor's former firms, Wells Fargo Clearing Services, LLC and Edward D. Jones & Co., L.P., did not oppose the expungement, which can be a key factor in such cases.

In October 2024, a Virginia Beach-based advisor of ten years sought to rectify his professional record by pursuing expungement of two customer dispute disclosures listed on his Central Registration Depository (CRD) and public BrokerCheck® records. The disclosures stemmed from unfounded allegations by two former clients, and they were tarnishing his reputation and hindering his career prospects. With legal support from HLBS Law, the advisor aimed to eliminate these misleading entries through FINRA Dispute Resolution.

The advisor was registered with Edward D. Jones & Co., L.P. between 2014 and 2021 and with Wells Fargo Clearing Services, LLC since October 2021.

In 2015, the advisor inherited a client who was an 83-year-old dentist with significant investment experience. The dentist’s portfolio was tailored to his speculative risk tolerance, which later shifted to a more conservative approach as his behavior became erratic, possibly due to dementia. 

The advisor engaged with the dentist only in the presence of his power of attorney or children. After transferring to Wells Fargo in October 2021, the advisor initially declined to accept the dentist as a client, due to his abusive conduct. However, he later agreed to manage the dentist’s conservative portfolio of dividend-paying stocks and bonds. 

In 2022, the dentist complained about unauthorized trading and misrepresentation, and the allegations were investigated and denied by Wells Fargo in January 2023, with no further action taken. The advisor maintained that all trades were authorized and transparent, supported by a notarized letter from the dentist, endorsing the expungement.

Also in 2015, the advisor began advising a 43-year-old therapist with a concentrated position in Anthem Inc. stock. To diversify her portfolio, the advisor recommended gradually liquidating the stock to fund an IRA, with all trades authorized by the therapist. After the advisor’s departure from Edward Jones in October 2021, the therapist continued with another adviser. But in May 2023, she expressed dissatisfaction and alleged unauthorized sales of Anthem stock in 2019 and 2021, seeking $175,000 in damages. Edward Jones investigated and denied the claim in July 2023, with no further pursuit by the therapist. The advisor asserted that all transactions were authorized and documented.

The advisor filed a Statement of Claim in October 2024, asserting that the allegations in the claims against him were false and clearly erroneous. The expungement hearing occurred via videoconference in July 2025, with the advisor presenting extensive evidence, including over 200 pages of exhibits, client interaction records, trade confirmations, and denial letters from both firms.

Wells Fargo took no position on the expungement, while Edward Jones, per a joint stipulation, also did not oppose it. Neither customer appeared at the hearing.

After reviewing the testimony and evidence, the arbitration Panel determined that the claims were factually impossible or clearly erroneous. The Panel found no evidence of unauthorized trading or misrepresentation pertaining to the dentist, noting that the dispute had arisen from his dissatisfaction with the advisor’s decision to end their professional relationship. Similarly, the Panel confirmed all trades in the therapist’s account had been authorized, with her complaint driven by regret over missed stock gains. 

On July 23, 2025, the Panel ordered the expungement of both occurrences from the advisor’s CRD and BrokerCheck® records, thereby restoring his professional standing and removing impediments to future opportunities.

Facing a similar situation? Contact our team today for a complimentary consultation to evaluate your case. Our experts will assess the viability of expungement and guide you through the process.