Gregory Russel Bauer of Moon Township, Pennsylvania, a former stockbroker of Waddell & Reed, Inc., is the subject of a customer initiated investment related arbitration claim, in which the customer sought $386,871.00 in damages based upon accusations that Bauer stole his parent’s funds through the submission of forged and fraudulent endorsements and withdrawal forms. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-01434 (June 1, 2017). The customer additionally alleged that Waddell & Reed, Inc. failed to adequately supervise Bauer’s activities concerning the customer’s mutual fund account.
The customer’s complaint comes after FINRA barred Bauer in all capacities on October 13, 2016, based upon his consent to findings that he defrauded customers out of $400,000.00 by way of his unauthorized withdrawals and liquidations; conduct violative of FINRA Rules 2010, 2020, and 2150 as well as Securities Exchange Act of 1934 Section 10(b) and SEC Rule 10b-5. Letter of Acceptance, Waiver and Consent, No. 2016051501801 (Oct. 13, 2016).
Bauer was fired by H. Beck, Inc. on September 28, 2016, based upon allegations of his misappropriation of customers’ funds while associated with the firm.
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