According to a recent FINRA Disciplinary Actions announcement, Jimmy Earl Power Jr. (CRD #3045120, Fayetteville, Arkansas) submitted an AWC in which he was barred from association with any FINRA member in any capacity.
Without admitting or denying the findings, Power consented to the sanction and to the entry of findings that he misused $5,000 in customer funds. The findings stated that Power told the customers, a married couple and two business partners, that he had undercharged them for fees related to trading in their brokerage accounts and requested that the customers issue checks to him to pay fees that were owed to him. As a consequence, the married couple issued three checks totaling $4,500 to Power to be used to pay fees owed for trades in their accounts. The business partners issued one check in the amount of $500 to Power, to be used to pay fees owed for trades in their account. The firm had charged the customers appropriate commissions for trades in their firm accounts, and no other amounts were due as a result of trades Power had executed. Rather than apply the funds to the customers’ accounts, Power made personal use of the funds without the customers’ knowledge or consent.
For FINRA’s full findings, see FINRA Case #2013038800201.
According to his FINRA Broker Report, Power was registered with Morgan Keegan from May 2007 through February 2008, Allstate Financial Services from March 2008 through August 2010, Valic Financial Advisors from August 2010 through January 2013, Questar Capital from March 2013 through November 2013, and Keystone Capital Corporation from January 2014 through August 2014.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group.
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