Former Wells Fargo Advisors Financial Advisor, DAVID JAY HOMAN, Arraigned on Embezzlement Charge

DAVID JAY HOMAN (DAVE HOMAN) CRD#: 1516973, a former Wells Fargo Advisors financial advisor in Bay City, Michigan was arraigned in Bay County District Court on one count of embezzlement of between $50,000 and $100,000.  Homan is facing a felony charge which could lead to a 15-year prison sentence.  DAVE HOMAN is due to appear for a preliminary examination on Aug. 30, 2018.
According to news sources, allegedly Homan embezzled more than $500,000 from a trust fund. The trust fund belonged to a woman who passed away in April of 2009, leaving the trust to her sister who was the named beneficiary.  That sister passed away in 2013, however, a third sister was named as successor but in 2014, she also passed away. Her three daughters were named as the subsequent beneficiaries.
The court records stated that DAVID JAY HOMAN had been co-trustee of the fund since 2003 and then the sole trustee after the woman died in 2009, when at the time, the fund had approximately $516,000. An audit revealed $513,211.57 of the fund had been allegedly misappropriated between 2009 and 2014.  Allegedly, these transfers were made to DAVE HOMAN’s credit card accounts and a check to a car dealership for a vehicle that was registered to Homan’s wife.
There are allegations that DAVID JAY HOMAN lied to the family that he was related to them, and a 2013 death certificate of one of the sisters described Homan as her nephew.
According to FINRA’s BrokerCheck, DAVID JAY HOMAN resigned voluntarily from Wells Fargo in 2014. Homan was under internal review for failing to tell the firm that he was a beneficiary of a client’s trust and failing to obtain Wells Fargo Advisor’s permission to serve as power of attorney and personal representative for the client. On August 29, 2014, DAVID JAY HOMAN was barred by FINRA after he failed to respond to FINRA’s request for information.
DAVID JAY HOMAN was in the securities industry for 27 years and was listed with 3 firms, the most recent below:
05/27/2009 - 05/07/2014  WELLS FARGO ADVISORS, LLC - BAY CITY, MI
07/02/2004 - 05/13/2009  UBS FINANCIAL SERVICES INC - SAGINAW, MI
If you suffered financial losses due to the actions or recommendations of former Wells Fargo Advisors, Bay City, Michigan financial advisor, DAVID JAY HOMAN, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses at:  888-760-6552.
Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis.  No fee to you if no recovery.