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- Creative Planning, KS Investment Firm, Spurring Change on Wall Street
- SEC Obtains Judgment Against Attorney Who Defrauded Escrow Clients
- SEC Files Fraud Charges Against Stock Promoters in Market Manipulation Scheme
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WWW: Broker Barred for ‘Parking’ Violations
Thomas Stewart, of Warsaw, KY, agreed to be barred from the industry to settle FINRA charges that he converted $731 of his member firm’s funds for his own benefit.
BACKGROUND. Thomas Stewart entered the securities industry in July 2007 and, from August 2013 until February 2016, was registered with Wells Fargo Advisors.
OVERVIEW. Between 7/16/15 and 11/25/15, Stewart used the Firm's parking garage stamp without authorization to validate 50 parking garage tickets worth $731 to pay for his daily parking. He also 'validated' the tickets by forging the signature or initials of a manager or other employee.
FINANCIALISH TAKE-AWAY. FINRA hands out stiff penalties to employees who steal from their employers. Once that employee has been caught forging another's signature, FINRA is left with little choice by to bar that individual from the industry. Apparently, Stewart was a small-time thief who couldn’t “see the forest from the trees.” In this case, he was incapable of comprehending the absurd risk/reward ratio of his actions - i.e., the risk of being thrown out of the industry for a measly $731).
This case was reported in FINRA Disciplinary Actions for April 2017.
For details on this case, go to … FINRA Disciplinary Actions Online, and refer to Case #2016048768101.