FINRA has suspended a former J.P. Morgan rep for 18 months and fined him $10,000 for allegedly engaging in a check-kiting scheme.
The regulator accused Jon DeBow of writing 38 checks totaling $46,280 from two personal J.P. Morgan bank accounts that it claims did not have sufficient funds to cover the checks. DeBow allegedly wrote the checks from one of the accounts, deposited them into the other account and then immediately withdrew a portion or the entire amount of the deposited checks, according to FINRA’s recent disciplinary filing.
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