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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
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- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
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- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
A Trusted Broker for 30+ Years Ended Up Stealing Client Blind
by Howard Haykin
Unfortunately, the strong bond and trust between the two men belied the broker’s true criminal intents. In October 2015, the broker started misappropriating funds from the customer IRA account. He did so by forging wire transfer letters of authorization (“LOA”) to permit transfers from the customer’s account to the broker's own SunTrust Bank account. All told, the broker made 74 unauthorized transfers totaling $911,500 - in most cases selling securities in the customer's account and associating the customer's name with the bank account number.
After the customer's death, the executor for the customer’s estate frequently tried to get explanations for the numerous wire transfers. Finally, in May 2019, the broker confessed that he had stolen money from the customer’s account, along with money from another elderly customer.
INVESTOR TAKE AWAY. A system of “checks and balances” is a critical underpinning for financial security – particularly among elderly investors who no longer can look out for themselves. Good and trustworthy brokers and investment advisers will openly welcome the addition of a competent, trusting and independent financial watchdog for customers and clients, young or old.