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Regulatory Sanctions

Banker Terminated After ‘Hosing’ PricewaterhouseCoopers for $116K

February 19, 2019

by Howard Haykin


Over a 13-month period, a young investment banker with PricewaterhouseCoopers Corporate Finance ("PwC") submitted 50 expense reports that reportedly contained around $116,000 worth of personal expenditures. By late 2016, PwC finally began questioning the propriety of the submitted expenses and, in December 2016, the firm U5’d the banker for submitting "personal expenses as business expenses in violation for firm policy."  The 'for cause' U5 prompted FINRA to investigate and it raised this question:  WHAT TOOK THE FIRM SO LONG?



WHAT WENT WRONG   From March 2013 until July 2015, the young man worked for JPMorgan Securities as an Investment Banking Representative. In September 2015, he joined PricewaterhouseCoopers and later also registered as a General Securities Representative with the Firm. Upon joining PwC, the banker was issued a corporate credit card to use while conducting Firm business.


According to FINRA, over the next 13 months, he falsified approximately 50 expense reports, in which he improperly sought reimbursement for a total of 1,319 personal expenses for approximately $116,400. In all instances, the personal expense items were mischaracterized as related to "Learning & Education" when, in fact, he did not incur these expenses in connection with learning, training, education or any other reimbursable business purpose under PWC's policies. Instead, the submissions were for such personal expenditures as: 

  • personal trips taken to Greece, France and Jamaica; and,
  • personal expenditures on such items as wine and liquor, services at nail salons and spas, dry cleaning, and purchases at various drugstores.



It's a wonder as to what tipped off the firm, after it had accepted - i.e., 'been taken' - for $116,400 worth of falsified expenditures.
In any event, for having converted Firm funds in violation of FINRA Rule 2010, THE BANKER WAS BARRED FROM THE INDUSTRY .



This case was reported in FINRA Disciplinary Actions for February 2019.

For further details, go to ...  FINRA Disciplinary Actions Online, and refer to Case #2016052530302.