BROWSE BY TOPIC
- Investments - Unsuitable
- Investments - Strategies
- Investments - Private
- Investor Protection
- Bad Advisors
- Bad Brokers
- Boiler Rooms
- Regulatory Sanctions
- Wall Street News
- Rules & Regulations
- Terminations/Cost Cutting
- Compliance Concepts
- General News
- Donald Trump & Co.
- Big Banks
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- 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
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
Banker Terminated After ‘Hosing’ PricewaterhouseCoopers for $116K
by Howard Haykin
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.
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.