FINRA recently announced that it has permanently barred Jeffrey C. McClure from the securities industry for converting nearly $89,000 from an elderly customer’s bank account while working for Wells Fargo Advisors, LLC and an affiliated bank in Chico, California. The affiliated bank has made the customer whole for her losses.
FINRA found that from December 2012 to August 2014, McClure allegedly wrote himself 36 checks totaling $88,850 drawn on the customer’s affiliated bank account without her knowledge or consent. McClure reportedly had access to the checks because the elderly customer had authorized him to pay her rent and other expenses as agreed. Instead, McClure allegedly deposited the checks into his personal bank account and used the funds for his personal expenses.
In settling this matter, McClure neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.
The foregoing information, which is publicly available, is being provided by The White Law Group. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For a free consultation with a securities attorney, please call the firm’s Chicago office at 312/238-9650. For more information on the firm, visit https://www.whitesecuritieslaw.com.