David Paul Eller—Undisclosed Outside Business Activities

David Paul Eller Allegedly Engaged in Outside Business Activities; Hired Wells Fargo but Did Not Disclose On-Going Association with WTS Proprietary Trading

David Paul Eller allegedly engaged in several outside business activities without notifying his broker dealer, WTS Proprietary Trading, according to a recent Complaint from FINRA’s Department of Enforcement.

Eller, for example, from November 20, 2012 through April 19, 2013, was reportedly associated with WTS Proprietary Trading Group LLC as a proprietary trader, said Complaint reports. Eller, however, was hired by Wells Fargo Advisors LLC on January 22, 2013 for their broker training program, he allegedly did not disclose to Wells Fargo his on-going association with WTS, the Complaint notes.

Furthermore, Eller also allegedly willfully failed to disclose to Wells Fargo a federal tax lien filed in March 2012 in the amount of$4,588,740, the Complaint notes.

David Paul Eller  Also Allegedly Engaged in Outside Business Activities with Intellectual Property Exchange LLC and Investment U without First providing prior written notice to, and obtaining prior approval from Wells Fargo; Eller Suspended by FINRA

David Paul Eller, from January 22, 2013 through October 25, 2013, also allegedly engaged in outside business activities with Intellectual Property Exchange LLC without providing prior written notice to, and obtaining prior approval from Wells Fargo, according to the aforementioned Complaint.

The Complaint goes on to allege that David Paul Eller, in the same time period, also purportedly also engaged in outside business activities with Investment U without providing prior written notice to, and obtaining prior approval from Wells Fargo.

As a result of the aforementioned behavior, David Paul Eller allegedly violated FINRA Rules, and has been suspended by FINRA for nine months.

The Peiffer Rosca Wolf Securities Lawyers Often Assist Investors

The Peiffer Rosca Wolf securities lawyers assist investors who lose money as a result of undisclosed outside business activities. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of undisclosed outside business activities are encouraged to contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1157 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.