The allegations read: On or about october 2, 2014, ncs submitted to the crd an application for securities industry registration seeking the registration of ardrey in massachusetts as an agent of ncs (the "application"). Ardrey was the subject of a regulatory action brought by the national association of securities dealers, inc. ("nasd") on or about october 12, 1994. The nasd alleged that ardrey engaged in conduct violative of nasd rules, specifically, attempting to affect the closing price of securities through the effectuation of end-of-day securities transactions. An acceptance waiver and consent agreement was entered whereby ardrey agreed to be censured, fined $20,000, and suspended from association with nasd member firms for a period of two (2) months. On or about january 7, 2013, ardrey was involved in a customer complaint involving one of his clients and two of his former firms, ubs financial services, inc. ("ubs"), the firm ardrey was employed with from february 2005 until september 2009, and wells fargo advisors, llc ("wfa"), the firm. Ardrey was employed with from september 2009 until november 1, 2013. The customer complaint alleged unsuitable and excessive trading in an account opened in or about september 2009. Ubs settled the complaint for $70,000 on or about september 30, 2013, with no individual contribution from ardrey; and wfa settled the complaint for $455,000 on or about october 23, 2013, with no individual contribution from ardrey. According to information provided on the crd, wfa initiated an internal review on october 1, 2013, which concluded on november 1, 2013, with the termination of ardrey's employment with the firm. The crd indicates that ardrey was terminated for admitting to providing payment to a client to compensate for losses in the client's account. Wfa has filed a claim against ardrey, seeking resolution through finra arbitration. Ardrey is challenging wfa's allegations and has filed counterclaims against wfa. As of the date of the entry of this agreement, this matter remains ongoing. Review of the foregoing incidents involving ardrey has moved the division to place conditions on his registration as an agent of ncs.
