Corinne Renae Mittag, of Omaha, Nebraska, a stockbroker formerly registered with BancWest Investment Services Inc., has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that she effected an unauthorized transaction in a customer’s account and made false representations to her firm regarding the transaction. Department of Enforcement v. Corrine Renae Mittag, No. 2015044594201 (Mar. 28, 2017).
According to the Complaint, in January of 2015, while Mittag was a stockbroker for BancWest, she received an e-mail from an imposter who claimed to be firm customer, RC, where the imposter urgently requested a $34,000.00 withdrawal from RC’s investment account. The Complaint stated that Mittag neither received RC’s permission to use discretion in RC’s investment account, nor possessed authorization from RC to effect the transaction. Further, the Complaint stated that contrary to BancWest’s policies, Mittag never attempted to reach RC via phone before effecting the trades.
Moreover, the Complaint alleged that Mittag made a false representation to her supervisor, ES, by stating that she spoke with RC by phone on the day in which she effected the sales of RC’s corporate bond positions. ES apparently provided approval for the transactions based upon Mittag’s misrepresentation. Subsequently, Mittag reportedly stated to her operations manager, JH, that RC and Mittag spoke by phone concerning the wiring of funds from the customer’s account. JH’s approval concerning wire disclosures was apparently based upon Mittag’s misrepresentation.
The Complaint stated that $34,000.00 was wired to a third party in the United Kingdom from RC’s BancWest account, and the funds were not recovered after the imposter was detected. FINRA’s Department of Enforcement alleged that Mittag’s unauthorized trading and false statements were violative of FINRA Rule 2010; and Mittag’s conduct of causing her firm to establish inaccurate records and books was violative of FINRA Rules 2010 and 4511.
Mittag was terminated from BancWest Investment Services on February 10, 2015, based upon the allegations referenced in the FINRA Complaint. Since November 2, 2015, she has been registered with COR Clearing LLC.
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