Bad choices ended the careers of two bank advisors this month.
A former executive of Weymouth Banks brokerage division was barred from the industry for bilking two minor children entrusted to him as their sole guardian. According to FINRA, William Robert Hartnett was the trustee or custodian of seven savings accountants and three checking accounts established at Weymouth Bank for the benefit of the two children. The savings and checking accounts were funded primarily from insurance and other funds from the childrens deceased parents.
During 2013, Hartnett withdrew over $267,000 from the childrens accounts at Weymouth and used many of the funds for his own use, in contravention, FINRA said, to his duty to preserve and use the funds for the benefit of the two children.
Hartnett was a registered representative with Infinex Investments and also served as vice president of Retail Investments and business development officer of Weymouth Bank in Weymouth, Mass. Infinex terminated Hartnetts registration on Feb. 27, 2014, according to FINRA.
Nicholas Adam Hill, the other representative barred from the industry, was registered with M&T Securities as an investment company products/variable contracts limited representative. During May and June 2013, he withdrew a total of $8,000 from customer bank accounts for his own personal expenses. M&T Bank terminated Hills employment on July 19, 2013, after discovering the unauthorized withdrawals and provided restitution to the customers, FINRA said.
Hartnett and Hill neither admitted nor denied the charges, but consented to an entry of FINRAs findings. Neither could be reached for comment. M&T declined to comment on the case. Weymouth Bank did not respond to questions.