John Douglas Wade of Fullerton California a stockbroker formerly registered with U.S. Bancorp Investments Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he converted a U.S. Bancorp customers’ funds. Letter of Acceptance Waiver and Consent No. 2018058354101 (June 4, 2018).
According to the AWC, between February of 2013 and July of 2017, Wade transferred a total of $47,470.47 in funds from a checking account owned by a U.S. Bancorp customer, BF, to a mortgage account owned by Wade. Evidently, BF never authorized Wade’s fund transfer.
In another case, Wade instructed customer LS to liquidate $51,141.71 in funds from LS’ investment account and write Wade out a $7,000.00 check for an investment in a purported real estate investment trust. The AWC stated that LS’ funds were not used to invest in a real estate investment trust as the customer had come to expect, but instead were used by Wade to pay down his mortgage.
The AWC stated that a total of $105,712.18 belonging to LS and BF was improperly utilized by Wade. Consequently, FINRA found that Wade’s conversion was violative of FINRA Rules 2010 and 2150(a).
Wade’s registration with U.S. Bancorp Investment, Inc. ceased on February 14, 2018.
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