Former U.S. Bancorp Investments, Inc. broker John Douglas Wade of Buena
Park, California was
barred by FINRA, who stated in a Letter of Acceptance, Waiver and Consent that
Wade converted over $105,000 from the accounts of two elderly clients
and used the funds to pay for his own personal expenses and mortgage.
He was terminated from his position with U.S. Bancorp Investments in February.
According to the FINRA findings, Wade electronically transferred approximately
$47,570 from one elderly customer's checking account at an affiliated
bank to his own mortgage without authorization. He also convinced another
elderly customer to withdraw over $51,000 from his firm account via third-party
checks, and to write another check for over $7,000 from a personal checking
account to supposedly invest in real estate investment trusts (REITs).
The money was never invested as promised, and was instead used to pay
Broker theft often occurs when firms fail to implement an effective supervisory
system. These failures enable dishonest brokers to engage in misconduct
that can include the misappropriation of client funds. Thisunethical conduct is not allowed under FINRA rules, and investors who have been duped may
be able to recover their losses.
Did You Lose Money While Working with John Wade?
Meyer Wilson would like to hear from you if you lost money investing with
John Wade. Give our office a call today for a case evaluation.