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Wells Broker Barred for 'Parking Car on Company’s Dime' - That's Only Half the Story
AdvisorHub reports that ....
FINRA on Friday barred Thomas Stewart from the industry for using his Wells Fargo Advisor branch’s parking validation stamp for 50 days of free garage space in 2015 and forging his manager’s and other employees’ signatures to authorize payment. It's calculated that Stewart 'prank' amounted to $731.
“A permanent bar is extremely severe,” said Dennis Concilla, a securities litigation lawyer at Carlile Patchen & Murphy, a plaintiffs’ law firm in Columbus, Ohio, who was not involved in the case. “But he did it 49 times too many,” he said of the repeated violations.
Any kind of stealing is attracting severe regulatory wrath, said Alan Wolper, a Chicago-based partner at the’ law firm Ulmer & Berne LLP. “Finra hates conversion,” he said, and believes “if you’re willing to steal this, you’re willing to steal anything.”
Wolper speculated that he agreed to the ban in a plea-like agreement in return for avoiding monetary sanctions from Finra.
POST-SCRIPT. Some commenters bristled at FINRA for firing the borkers for 'ticky tack crap', while others hit on the true offense - forgery. That is an offense that cannot and will not be overlooked.
