Louis James Deeley, a registered representative with JPMorgan Chase Bank, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that Deeley converted $24,014 from a firm customer’s bank account for his own use and benefit. Letter of Acceptance, Waiver, and Consent No. 20140437239 (Mar. 6, 2015).
According to the AWC, on eight occasions from June, 2014 through December, 2014, Deeley had submitted completed withdrawal slips to a Chase teller which contained a signature appearing to match that of customer RW. Deeley reportedly instructed the teller to allocate a portion of the amount to be withdrawn (indicated on the slip) to a cashier’s check, while providing the remainder to Deeley in cash.
The AWC stated that Deeley would then deposit the cashier’s checks in RW’s brokerage account but keep the cash. Deeley reportedly stole $24,014 from RW’s Chase account for Deeley’s personal use. FINRA found that by making improper use of the customer’s securities or funds, Deeley violated FINRA Rule 2150 as well as Rule 2010 – a rule which requires that a member, in the course of conducting its business, shall observe high standards of 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.
Public disclosure records reveal that on November 19, 2014, JPMorgan Chase Bank terminated Deeley (by discharge) amid allegations of an overall loss of confidence due to multiple complaints in a short time-frame including allegations that the registered representative failed to follow purchase trade instructions resulting in loss to the firm.
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.
