Andrew Manual Garcia of Indianapolis Indiana a stockbroker formerly registered with Charles Schwab Co. Inc. has been charged by Financial industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Garcia converted a customer’s funds. Department of Enforcement v. Andrew Manual Garcia, Disciplinary Action No. 2017054899801 (Feb. 4, 2019).
According to the Complaint, on April 18, 2017, Garcia received a phone call from customer SR, who requested that Garcia furnish SR with information about the customer’s routing number and account number so that a tax refund could be directed into the customer’s account. Allegedly, Garcia opted to provide the customer with his own account information, causing the customer’s refund to be placed into Garcia’s account.
The Complaint stated that Garcia took no action in regard to the funds being placed into his account, and he was cognizant at that time that the funds did not belong to him. Apparently, Garcia utilized SR’s funds for his own benefit, in which he transferred the bulk of the customer’s funds into accounts held away from Charles Schwab. FINRA Department of Enforcement alleged that Garcia’s conversion of the Charles Schwab customer’s funds was violative of FINRA Rules 2010 and 2150(a). Moreover, FINRA alleged that Garcia’s false statements to the firm in regard to his activities was violative of FINRA Rule 2010.
On June 14, 2017, Garcia was discharged by Charles Schwab supported by allegations of his conversion of customer funds as revealed in FINRA’s Complaint against him.
