Wellesley Massachusetts stockbroker Paul J. Dumouchel was barred from the securities industry for life because he used an 82 year old Alzheimer’s patient to make $63,000 in commissions.
According to the FINRA
The Financial Industry Regulatory Authority notes, Dumouchel while associated with the brokerage firm, H. Beck, drove the woman to five local banks and “facilitated” the endorsement of multiple checks cleaning out the lady’s certificates of deposit and other bank accounts to purchase over $1 million in annuities and over $450 thousand worth of mutual funds.
Dumouchel received approximately $63,000 in commissions as a result of the transactions.
The wheels of justice turn slowly. On December 14,2011, FINRA sent a letter to Dumouchel, pursuant to FINRA Rule 8210, requesting that he provide certain documents, including correspondence and other documents concerning that client.
Dumouchel did not provided any oft he requested documents to FINRA. Rather, beginning in January 2012 and continuing through March 2012, Dumouchel shredded all of his client files, including the materials in those files that FINRA requested.
Accordingly, keeping pace with progress, on October 10, 2013, based upon his “failure to cooperate,” FINRA barred Dumouchel from association with any member in any capacity.
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