Salena Lynn Woods of Pearland, Texas, a stockbroker with J.P. Morgan Securities, LLC, was permanently barred from associating with any FINRA member in any capacity after consenting to findings that she failed to comply with a FINRA investigation into allegations that Woods misappropriated funds from a firm customer. Letter of Acceptance, Waiver and Consent, No. 20150462996-01 (Oct. 20, 2015).
Public disclosure records reveal that JP Morgan Chase Bank discharged Woods on June 26, 2016, alleging that Woods, acting in the capacity of the firm’s affiliate bank employee, deposited a check from a bank customer’s account into her personal mortgage account with another financial institution without the customer’s knowledge or consent.
According to the AWC, on September 24, 2015, FINRA requested that Woods, pursuant to Rule 8210, provide FINRA with information and documentation in connection with the aforementioned allegation. Woods reportedly failed to provide FINRA with such information by the October 1, 2015 deadline.
The AWC further stated that FINRA sent Woods another request for the documentation and information, prompting a telephone call with FINRA’s staff on October 5, 2015. At that time, as the AWC stated, Woods acknowledged that she received FINRA’s requests, but indicated that she would not be cooperating at any point. FINRA found Woods’ conduct to be in violation of Rules 8210 and 2010, leading to her permanent bar.
FINRA Stockbrokers like Woods who do not cooperate with FINRA’s investigations often face a permanent bar from practicing in the securities industry as such lack of cooperation violates FINRA’s Rule 8210 – requiring that no member or person shall fail to provide information or testimony or permit an inspection and copying of books, records, or accounts pursuant to the rule. FINRA typically accompanies a Rule 8210 violation with a Rule 2010 violation when individuals, according to FINRA, do not appear to observe high standards for commercial honor and just and equitable principles of trade.
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.
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.
