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FINRA Bars Former First Canterbury Securities Broker

The Financial Industry Regulatory Authority has barred former First Canterbury Securities, Inc. broker Clayton Holman Wertz for allegedly receiving payments to create false account statements for a customer in order to secure a $1.872-million bank loan.

The Financial Industry Regulatory Authority has barred former First Canterbury Securities, Inc. broker Clayton Wertz for allegedly receiving payments to create false account statements that showed a customer held $3 million in securities in order to secure a $1.872-million bank loan. Wertz originally received $10,000 from the customer and the customer’s brother as payment for his actions.

Though not detected until 2019, his alleged falsification of account statements began in March 2010, when he worked as a broker at Hilltop Securities Inc, now known as Southwest Securities, Inc, and continued at Aspen Equity Partners, LLC from June 2012 through October 2015 as well as First Financial Equity Corporation from October 2015 through October 2016. He joined First Canterbury Securities in September 2018.

During this long span, Wertz apparently not only created false account statements, but also provided them to the bank to help the customer maintain the loan. In exchange, Wertz received an addition $40,000 from the customer and the customer’s brother. The customer’s entity defaulted on the loan, which resulted in a $3.2 million loss for the bank.

Falsifying account records is a violation of FINRA rule 2010, which states that members must observe high standards of commercial honor and equitable principles of trade.

Wertz signed FINRA’s letter of acceptance, waiver and consent without admitting or denying the findings.

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