John Douglas Wade of Fullerton California a stockbroker employed by U.S. Bancorp Investments Inc. is the subject of a customer initiated investment related written complaint which was resolved for $58,566.91 on June 19, 2018 founded on allegations that the customer’s funds had been improperly removed from a money market account and relocated to a mortgage account controlled by Wade.
Financial Industry Regulatory Authority (FINRA) Public Disclosure indicates that this is the first customer dispute involving Wade’s alleged misconduct since he was sanctioned by FINRA. Specifically, Wade has been barred from associating with any FINRA member in any capacity based upon consenting to findings that he converted funds belonging to elderly U.S. Bancorp Investments customers. Letter of Acceptance Waiver and Consent No. 2018058354101 (June 4, 2018).
According to the AWC, between February of 2013 and July of 2017, $47,570.47 was converted by Wade from customer BF’s checking account and transferred to Wade’s mortgage account. Wade also instructed customer LS to write a $7,000.00 check and effect a total of $51,141.71 in withdrawals from the customer’s U.S. Bancorp Investments account to invest in real estate investment trusts. The AWC stated that those real estate investment trust purchases had not been made by Wade. Instead, the stockbroker used the customer’s funds to pay his mortgage down. FINRA determined that Wade’s conversion of customers’ funds was violative of FINRA Rules 2010 and 2150(a).
Wade was terminated by U.S. Bancorp Investments Inc. on February 14, 2018.
