Daniel R. Colon, a JP Morgan Chase Bank registered representative, was permanently barred from associating with any Financial Industry Regulatory Authority member in any capacity after stealing money from a customer of Chase Bank. Letter of Acceptance, Waiver, and Consent No. 2014043421201 (May 12, 2015).
According to the AWC, one of the bank’s customers accidentally left her wallet at her Chase Bank Branch Office in the course of addressing her banking needs. When Colon received the wallet from an individual who found it, Colon pocketed it (and the cash). The AWC indicated that Colon had eventually returned the wallet at roughly the same time as the individual had reported his wallet, containing $600 in cash, to be missing. Colon reportedly had replenished the client’s cash but was $200 short of the amount that the client reported was in the wallet. The AWC indicated that the bank eventually restored the client’s account, and Colon repaid $200 to his bank on October 13, 2014, in connection with the incident.
Public disclosure records reveal that JP Morgan had terminated Colon’s employment on October 15, 2014, after allegations that Colon, as a non-securities related representative working in the capacity as an affiliate bank employee, admitted to removing the cash from the wallet of the bank’s customer. Financial Industry Regulatory Authority barred Colon on May 12, 2015.
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.
Securities brokerage firms have a duty to supervise their brokers and the sales practices of their brokers, and to review customer statements for, among other things, evidence of suitability, unauthorized trading, or excessive activity.
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.
