Tag: broker converting client funds

Former J.P. Morgan Securities Broker Barred by FINRA for Conversion of Client Funds for Personal Use

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According to FINRA’s Disciplinary and Other FINRA Actions publication, Louis James Deeley (CRD No. 583067) of California was barred by FINRA for allegedly converting $24,014 from the bank account of a customer for his own personal benefit.

FINRA alleged that between June 2014 and November 2014, Deeley submitted withdrawal slips to a bank teller containing a signature of which appeared to be that of the client. Deeley provided the teller with instructions to allocate part of the withdrawal amount indicated on the slip to a cashier’s check and the remainder to him in cash. FINRA further alleged that Deeley then deposited the cashier’s check into the customer’s brokerage account, but retained the cash for himself. (See FINRA AWC No. 20140437239)

According to FINRA’s Broker Check, Louis James Deeley has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Deeley was registered in the securities industry for four (4) years and was registered with the following firm(s):

J.P MORGAN SECURITIES, LLC
CRD #79
SANTA ROSA, CA
10/2012 – 12/2014

CHASE INVESTMENT SERVICES CORP.
CRD #25574
SANTA ROSA, CA
08/2010 – 10/2012

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options. The Hanley Law is dedicated to helping investors nationwide. If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses. Contact our office toll free at (239) 649-0050 for a complimentary initial consultation.

Former Merrill Lynch and Wells Fargo Advisors Broker Barred by FINRA for Alleged Conversion of Clients’ Funds

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According to FINRA’s Disciplinary and Other FINRA Actions publication, Tammy Charlene Petersen (CRD No. 4161501), a former Merrill Lynch and Wells Fargo Advisors broker based out of Virginia, was barred by FINRA for the conversion of Clients’ funds for her personal benefit.

FINRA alleged that Petersen converted approximately $107,378 from her member firm clients for her personal benefit without the clients’ knowledge or consent. Peterson allegedly facilitated wire transfers from customers’ bank accounts to accounts that she controlled. (See FINRA AWC No. 20140438720)

According to FINRA’s Broker Check, Peterson has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Tammy Charlene Petersen (aka Tammy Charlene Barber and Tammy Charlene Broussard) was registered with the securities industry for twelve (12) years with the following firm(s):

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
CRD #7691
NEWPORT NEWS, VA
11/2010 – 11/2014

WELLS FARGO ADVISORS, LLC
CRD #19616
NORFOLK, VA
09/2009 – 01/2010

WELLS FARGO ADVISORS, LLC
CRD #19616
NORFOLK, VA
06/2004 – 08/2009

AMERICAN FUNDS DISTRIBUTORS, INC.
CRD # 6247
LOS ANGELES, CA
07/2000 – 05/2003

If you have suffered financial losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options. The Hanley Law is dedicated to helping investors nationwide who have been victims of securities fraud. If you have been a victim of securities fraud, you may be entitled to recover your investment losses. Contact the Hanley Law toll free at (239) 649-0050 for a complimentary initial consultation.