John William Cutshall of Woodsboro Maryland a stockbroker formerly registered with RBC Capital Markets and Lombard Securities has been fined $100,000.00 and barred from being a stockbroker or investment adviser representative based upon accusations that Cutshall violated securities laws or regulations of the State of Maryland as withdrawals were effected from customers’ accounts by the stockbroker without authorization to pay his gambling expenses. Maryland Division of Securities Order No. 2019-0080 (July 2, 2019).
This is not the first time that Cutshall has been the subject of a regulatory action based upon allegations of his misconduct. Specifically, Cutshall has been sanctioned by Federal Deposit Insurance Corporation (FDIC) based upon allegations that he misused trust assets while he was the director of Woodsboro Bank. FDIC Stipulation and Consent Order No. 140331e (Dec. 15, 2017).
Financial Industry Regulatory Authority (FINRA) Public Disclosure also reveals that Cutshall has been barred from associating with any FINRA member according to a Decision and Offer of Settlement containing findings as trustee which for a ninety-one year old widow, and Cutshall’s initiation of unauthorized payments to his bank account. Department of Enforcement v. John W. Cutshall Disciplinary Proceeding No. 2014041590801 (Apr. 11, 2019).
Lombard Securities Incorporated discharged Cutshall on April 11, 2019 founded on the stockbroker being subject of a FINRA enforcement action containing allegations against the stockbroker of conversion and misuse of investor funds.
