A former registered rep with JP Morgan Securities was barred from the industry last month for allegedly cashing a $12,000 third-party check that was later found to have been stolen and the payee's endorsement forged.

According to FINRA records, Matthew Gerard Perry was approached by an acquaintance to deposit the check—in the amount of $12,017.90 and made payable to a person unknown to Perry—on Nov. 9, 2013. Perry allegedly was asked to deposit the check into his personal account and withdraw the funds as a favor for his friend's friend who purportedly didn't have a bank account.  FINRA claims that Perry was told that he could keep $500 for conducting the transaction.

According to FINRA, Perry deposited the check into his personal savings account at JP Morgan Chase Bank and five days later withdrew $9,100, which he delivered to his friend. He allegedly retained and later spent the balance of $2,917.50.

The check was later deemed fraudulent, FINRA said. 

According to BrokerCheck, the bank incurred a loss as a result of Perry having cashed the check.  Perry partially reimbursed the bank for the loss. 

Perry was employed as a personal banker for JP Morgan Chase Bank in Spring Valley, N.Y., and was dismissed from the bank in December of 2013.

Perry could not be reached for comment. An email sent to him via BrightScope Advisor Pages, an online directory for financial advisors, was not returned. In his settlement with FINRA, Perry neither admitted nor denied the charges but consented to an entry of FINRA's findings.

Darin Oduyoye, a spokesperson for JP Morgan Securities, declined to comment.

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