BROWSE BY TOPIC
Stories of Interest
- New Law Bans Kaspersky Software from Use in U.S. Government
- I Owned Bitcoin For a Weekend and Here's What I Learned
- SEC Appoints New Chair and Board Members to PCAOB
- FINRA, Georgetown Team Up to Deliver 'Certified Regulatory and Compliance Professional' Program
- FINRA Board Meeting - This Week's Agenda
- Statement on Cryptocurrencies and Initial Coin Offerings - SEC Chair Clayton
- Company Halts Initial Coin Offering Over SEC Registration Concerns
- Kevin O'Leary Explains One Big Thing People Don't Understand About Bitcoin (But Need To)
- CME Bitcoin Futures: A Better Way to Buy (or Short) Bitcoin?
- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
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.