Conversion is a fancy name for stealing.
James Michael Griegel, of Chicago, Illinois, a registered principal with Melvin Securities, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he converted pension funds for his own personal use. Letter of Acceptance, Waiver and Consent, No. 20160484704-01 (Aug. 30, 2016).
According to the AWC, between May of 2013 and January of 2016, Griegel was treasurer for Sauk Village, Illinois. The AWC stated that as treasurer, Griegel had a fiduciary obligation to manage the town’s records and finances. Griegel was reportedly the custodian of Sauk Village’s funds, allowing him access and responsibility to maintain bank accounts and treasurer’s books.
The AWC reported that while Griegel worked in this capacity of treasurer, he forged the town police officials’ signatures on their pension checks, in which he made such checks payable to himself. Griegel apparently engaged in this practice between April of 2014 through January of 2016, where thirty-three checks with an estimated total of $21,206.00 were converted by him. FINRA found that Griegel’s conduct amounted to conversion, in violation of FINRA Rule 2010, resulting in his permanent bar.
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