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Regulatory Sanctions

Broker with Sticky Fingers Gets the Boot

October 21, 2017

by Howard Haykin


John Glover consented to be barred from the industry to settle FINRA charges that he converted and improperly used $1,535 from his member firm’s affiliated bank, which he neither owned nor was entitled to possess.


BACKGROUND.   Glover, a resident of Romulus, MI, had 3 years of experience with 2 firms. In March 2016, he became associated with Citizens Securities as a Series 6 Investment Company Products/Variable Contracts Rep, and worked as a licensed banker at CSI’s affiliated bank. One year later, on 4/7/17, Glover was U5’d after it was discovered that Glover "stole $1,535 in his role as a banker" from his cash drawer at the affiliated bank.


FINRA FINDINGS.    From December 2016 to March 2017, Glover converted a total of $1,535 in funds from the cash drawer at CSI's affiliated bank. Specifically:

  • on 12/31/16, he removed $535;
  • on 2/4/17, he removed $100;
  • on 3/4/17, he removed $100;
  • on 3/17/17, he removed $70;
  • on 3/18/17, he removed $30; and,
  • on 3/20/17, he removed $700.


The affiliated bank had not authorized Glover to take the funds for his personal use. Through these actions, Glover converted and improperly used the affiliated bank's funds, which he neither owned nor was entitled to possess.


This case was reported in FINRA Disciplinary Actions for September 2017.

For details on this case, go to ...  FINRA Disciplinary Actions Online, and refer to Case #2017053843401.