Four months after filing a complaint with its hearing officers, FINRA finally threw the book at a former J.P. Morgan registered rep who it claims issued unauthorized ATM cards as part of scheme to loot money from customer bank accounts.
On Jan. 28, FINRA axed Jonathan A. Francis from the brokerage industry for allegedly issuing seven ATM cards in the accounts of seven customers, six of them deceased. According to FINRA, the ATM cards were then used by unknown individuals to withdraw approximately $210,000 from the accounts.
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