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Anthony C. Gray of Baton Rouge, Louisiana, a stockbroker with Edward Jones, was permanently barred in all capacities from associating with any Financial Industry Regulatory Authority (FINRA) member firm in all capacities after consenting to findings that he had misappropriated nearly $138,000 from two elderly customers. Letter of Acceptance, Waiver and Consent, No. 2015047279101 (Oct. 21, 2015).
According to the AWC, beginning in December 2013, Gray had convinced an elderly couple who were customers at Edward Jones to transfer funds from their firm account to their personal banking account held away from the firm. The AWC stated that Gray subsequently instructed the couple to provide him with blank checks from their personal banking account to allegedly pay fees for their firm accounts.
After Gray received the blank checks from the customers, he reportedly proceeded to make the checks payable to himself or to a business that he was affiliated with and then used the customers’ funds for his personal use. The AWC stated that Gray had misappropriated nearly $138,000 from the elderly customers over a two year period. FINRA found that Gray had violated FINRA Rules 2150 and 2010 in this regard, leading to his permanent bar.
Firms and individuals, not surprisingly, are prohibited from unauthorized use of customer funds, borrowing of a customer’s securities or funds, forgery, non-disclosures or misstatements of material facts, and various deceptions and manipulations. Such conduct can also be found to violate criminal and other civil laws, and be subject to sanction from the federal and state government bodies.
Public disclosure records reveal that on September 24, 2015, Edward Jones discharged Gray, alleging that Gray admitted asking two senior clients to transfer funds from their Edward Jones account to their personal bank account, sign checks in blank form the bank account and give the checks to him. The firm confirmed that Gray made the checks payable to himself and deposited them in his personal bank account.
Guiliano Law Group
If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esquire, and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.