Jonathan J. Casiano, of Arlington, Texas, a stockbroker with J.P. Morgan Securities LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he misappropriated funds from firm customers. Letter of Acceptance, Waiver and Consent, No. 2016050795201 (Aug 18, 2016).
According to the AWC, in June of 2016, while Casiano was associated with J.P. Morgan Securities LLC, he directly or indirectly let debit cards to be linked to five of the firm’s banking clients. Subsequently, on June 2, 2016 and on June 28, 2016, members of Casiano’s family as well as his friends were instructed to utilize such debit cards for purposes of making withdrawals from three of the aforementioned clients’ accounts.
The AWC stated that the withdrawals, which had not been authorized by the clients, amounted to $14,400.00. Casiano reportedly used the funds received from such clients in order to pay for his personal expenses. As such, FINRA found that Casiano misappropriated the clients’ funds in violation of FINRA Rule 2010, leading to Casiano’s permanent bar. Prior to his permanent bar by FINRA, he was terminated by J.P. Morgan Chase Bank on July 12, 2016, amid allegations of his aforementioned misconduct.
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