FINRA Bars Former U.S. Bancorp Broker John Wade for Converting Client Funds
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 Wade’s mortgage.
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.
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