On June 30, 2026, the Financial Industry Regulatory Authority, or FINRA, accepted a Letter of Acceptance, Waiver & Consent (AWC) suspending broker Arthur Craigg McRae for exercising discretionary authority in six customer accounts without the required written authorization or firm approval. The sanctions — a 15-day suspension and a $5,000 fine — follow a 2024 discharge from Wells Fargo Advisors Financial Network, LLC, after similar allegations. At InvestmentFraudLawyers.com, the consumer-facing brand of Haselkorn & Thibaut, P.A., our firm tracks these enforcement actions because unauthorized trading undermines the protections investors rely on every day.
Who is financial advisor Arthur Craigg McRae?
Table of Contents
Arthur Craigg McRae (also known as Craigg McRae) held CRD# 4697209 and spent approximately 20 years in the securities industry across two firms. His registration history is summarized below.
| Firm | CRD# | Registration Dates | Location |
|---|---|---|---|
| Edward Jones | 250 | 10/15/2003 – 08/04/2014 | Lancaster, NY |
| Wells Fargo Advisors Financial Network, LLC | 11025 | 08/01/2014 – 10/03/2024 | Williamsville, NY |
McRae began his career at Edward Jones in October 2003 and remained there for roughly a decade before moving to Wells Fargo Advisors Financial Network in August 2014. His broker registration terminated in October 2024. FINRA’s BrokerCheck report now lists his status as suspended from acting as a broker, with zero active FINRA registrations and zero state licenses.
What the regulator found
According to the FINRA AWC, McRae consented to findings that he exercised discretion without written authorization in six customers’ accounts. Specifically, FINRA found that McRae effected trades without first speaking with the customers on the date of the transactions. Although the customers knowingly permitted McRae to exercise discretion, McRae lacked the prior written authorization required by FINRA Rule 3260(b), and his firm had not accepted the accounts as discretionary.
The discretionary trading went beyond mere time-and-price discretion. McRae decided which securities to purchase and sell and in what amounts — a level of control that demands explicit written consent and firm approval. In addition, McRae inaccurately stated on an annual compliance questionnaire submitted to his firm that he had not exercised discretion in customer accounts.
FINRA Rule 3260(b) requires brokers to obtain written authorization from the customer and firm acceptance of the account as discretionary before exercising discretion. FINRA Rule 2010 imposes standards of commercial honor and just and equitable principles of trade. The AWC reflects violations of both rules.
Sanctions imposed
The AWC, filed under docket number 2024083542701, imposed the following sanctions.
| Date | Sanction | Detail |
|---|---|---|
| 06/30/2026 | Suspension | 15 days, all capacities (06/30/2026 – 07/14/2026) |
| 06/30/2026 | Fine | $5,000 (deferred payment plan) |
The AWC did not include a willful violation finding, and the final order was not based on fraud. McRae consented to the sanctions without admitting or denying the findings.
The 2024 discharge from Wells Fargo
Before FINRA’s enforcement action, McRae’s conduct had already led to his termination. On September 13, 2024, Wells Fargo Advisors Financial Network discharged McRae following multiple allegations, including use of discretion in trading and mismarked trade confirmations. Both the firm and McRae reported the same termination details to FINRA. The discharge preceded the formal regulatory action by roughly 21 months.
The timeline of key events is outlined below.
| Date | Event | Source |
|---|---|---|
| 10/15/2003 | Began career at Edward Jones | FINRA BrokerCheck |
| 08/01/2014 | Registered with Wells Fargo Advisors Financial Network | FINRA BrokerCheck |
| 09/13/2024 | Discharged by Wells Fargo following allegations of discretionary trading and mismarked confirmations | FINRA BrokerCheck |
| 06/30/2026 | FINRA accepted AWC; 15-day suspension and $5,000 fine | FINRA AWC |
| 07/14/2026 | Suspension period ends | FINRA AWC |
Why this matters for investors
Discretionary authority is one of the most significant forms of control an investor can delegate to a broker. When properly documented, it allows a broker to make time-sensitive decisions. When undocumented, it removes a critical layer of protection — the investor may not know what trades were made, why they were made, or whether they align with the investor’s goals.
McRae’s case illustrates the risk. He traded in six accounts without same-day customer contact, chose which securities to buy and sell, and then denied doing so on a compliance questionnaire. Those actions left customers without the transparency and consent mechanisms that FINRA’s rules are designed to ensure.
The mismarked trade confirmations cited in the discharge add another concern. Accurate books and records — governed by FINRA Rules 4511(a) and 4514 — are essential for investors to verify that trades reflect their instructions. Mismarked confirmations can obscure unauthorized activity and make it harder for investors to detect problems early.
What investors can do
If you held an account with Arthur Craigg McRae at Wells Fargo Advisors Financial Network or Edward Jones, we recommend taking the following steps:
Review trade confirmations and account statements carefully. Look for trades you did not authorize or do not recall discussing with your broker on the date of execution.
Ask whether written discretionary authorization was on file. Your broker should be able to produce a signed document if discretionary authority was properly granted.
Check for mismarked confirmations. Compare the solicited/unsolicited designation on each confirmation against your recollection of the instruction you gave.
Consider filing a FINRA arbitration claim. Investors who suffered losses due to unauthorized trading may pursue recovery through FINRA’s arbitration forum.
How our firm can help
At InvestmentFraudLawyers.com, the consumer brand of Haselkorn & Thibaut, P.A., our firm represents investors nationwide in FINRA arbitration claims involving unauthorized and discretionary trading. We offer free consultations and handle qualifying cases on a contingency-fee basis, meaning you pay no attorneys’ fees unless we recover money for you.
If you invested with Arthur Craigg McRae or have concerns about unauthorized trading in your brokerage account, call us at 1-888-610-4168 or visit InvestmentFraudLawyers.com to schedule a confidential consultation.
Disclaimer
This article is for informational purposes only and does not constitute legal advice. Past results do not predict future outcomes. The AWC discussed above is a settled regulatory matter; McRae consented without admitting or denying the findings. Source: FINRA BrokerCheck for Arthur Craigg McRae, CRD# 4697209, downloaded July 1, 2026.
