Towerpoint Wealth, Llc

Allegations: ON DECEMBER 20, 2016 ESCHLEMAN EXERCISED DISCRETION WITHOUT WRITTEN AUTHORITY WHEN HE SOLD A SECURITY IN THE INDIVIDUAL RETIREMENT ACCOUNT ("IRA") OF CUSTOMER GK IN ORDER TO FUND A REQUIRED MINIMUM DISTRIBUTION. ON DECEMBER 21, 2016, ESCHLEMAN AGAIN EXERCISED DISCRETION WITHOUT WRITTEN AUTHORITY WHEN HE SOLD THREE SECURITIES FROM A TRUST ACCOUNT MAINTAINED BY GK AND HIS WIFE YK ("TRUST ACCOUNT"). GK GAVE ESCHLEMAN VERBAL AUTHORITY TO EXERCISE DISCRETION IN THE IRA ACCOUNT IN AUGUST 201, AND GK AND YK GAVE ESCHLEMAN VERBAL AUTHORITY TO EXERCISE DISCRETION IN THE TRUST ACCOUNT IN 2015. PRIOR TO HIS EXERCISE OF DISCRETION ON DECEMBER 20 AND 21, 2016, WELLS FARGO MANAGERS HAD DISCUSSED WITH ESCHLEMAN ON SEVERAL OCCASIONS "THE NEED TO HAVE PROPER AUTHORIZATION TO PLACE ORDERS," AND THE PROHIBITION ON EXERCISING TIME AND PRICE DISCRETION IN CUSTOMER ACCOUNTS. ESCHLEMAN NEVER RECEIVED WRITTEN AUTHORITY TO EXERCISE DISCRETION IN EITHER THE IRA OR THE TRUST ACCOUNT AND WELLS FARGO NEVER ACCEPTED EITHER ACCOUNT AS DISCRETIONARY. Status: Final Sanction Detail: A SUSPENSION FROM ASSOCIATING IN ANY AND ALL CAPACITIES WITH ANY FINRA MEMBER FIRM FOR 10 BUSINESS DAYS. SUSPENSION BEGINS SEPTEMBER 17, 2018 AND ENDS SEPTEMBER 28, 2018. FINE PAID IN FULL ON SEPTEMBER 5, 2018. Summary: FINRA RULE 2510(B) PROHIBITS A REGISTERED REPRESENTATIVE FROM EXERCISING DISCRETION IN CUSTOMER'S ACCOUNTS UNLESS THE CUSTOMER HAS GIVEN PRIOR WRITTEN AUTHORIZATION AND THE REGISTERED REPRESENTATIVE'S MEMBER FIRM HAS ACCEPTED THE ACCOUNT IN WRITING AS DISCRETIONARY. AN ACCEPTANCE WAIVER AND CONSENT ("AWC") WAS AGREED TO BY FINRA AND JOSEPH ESCHELMAN ON 8-21-18 WHEREIN MR. ESCHELMAN AGREED THAT HE VIOLATED THE AFORMENTIONED RULE. AS PART OF THE AWC, MR. ESCHELMAN PAID A $5,000 FINE AND WAS SUSPENDED FROM ASSOCIATING IN ANY AND ALL CAPACITIES FROM A FINRA MEMBER FIRM FOR 10 BUSINESS DAYS.