Most bank advisors who are barred from the industry typically get kicked out for swindling their clients.
Others get expelled for stealing from their employers. Such was the case for three former reps of J.P. Morgan Securities. Cecilia Carolyn Hang Minh Le, a private client banker with J.P. Morgan in Garden Grove, Calif., was ejected from the industry late last month for allegedly lying about ATM withdrawals that she in fact never made.
According to FINRA, Le asked J.P. Morgan Chase Bank on two separate occasions in March 2014 to credit her account $1,006 for the cash she failed to receive from two purported ATM withdrawals, requests that the bank honored. She then used the funds for her own personal use and benefit, FINRA said.
Le resigned from J.P. Morgan Chase in June 2014 while under internal review for filing false ATM claims against her personal bank account, according to BrokerCheck. She joined Edward Jones that same month but was discharged from the firm in August 2014 for failing to disclose that she resigned from Chase while under investigation.
Alen Alic, a bank teller with J.P. Morgan in Northbrook, Ill., was more overt with his misconduct. He stuck his hand directly into the cookie jar, allegedly taking $3,000 from his teller drawer, according to a FINRA filing.
Alic was registered with J.P. Morgan Securities in Niles, Illi., and was dismissed in October 2014. He was barred in February 2015.
The third J.P. Morgan rep defrauded his firm by engaging in a check-kiting scheme. Jeffrey Wayne Weaver, a broker with J.P. Morgan in Orland Park, Ill., allegedly wrote checks for $700, $1,000 and $1,600 payable to himself on a Chase Bank account that he knew contained insufficient funds. He then purportedly deposited the checks in two other Chase accounts and withdrew the funds to gamble at a casino, according to FINRA.
In a letter to FINRA, Weaver explained that he did not realize that check-kiting was a serious offense and that stressful events in his life led him to do what he did. His wedding had been called off, he said, and he had lost his place when his father moved to Florida. As a result, he became depressed and started gambling and drinking to excess, he stated in the letter.
Weaver was dismissed from Chase Bank in December 2012. He had been with the bank since August 2011, according to BrokerCheck. He was barred on April 15, 2015, for both kiting checks and failing to respond fully to FINRA's requests for information and documents.
None of the threeLe, Alic and Weaverresponded to email messages sent to them via BrightScope Advisor Pages, an online directory for financial advisors. They could not otherwise be reached for comment.
In their settlement letters with FINRA, Le and Alic neither admitted nor denied the charges but consented to an entry of FINRA's findings. Weaver did not sign a settlement letter with the regulator.
Michael Fusco, a spokesperson for Chase Wealth Management, declined to comment on the three former reps.