A former financial consultant with Charles Schwab (SCHW) has been permanently barred from the industry after selling about $1 million of office equipment.
At the time Schwab discharged him, the broker also faced conspiracy charges in Florida related to sales of oxycodone and the illegal use of a communications device, Financial Industry Regulatory Authority records say.
“[Jeffrey Brian] Grove, on multiple occasions between February and August 2014, utilized the firm’s corporate procurement system to purchase office equipment for his branch office,” according to the FINRA letter of acceptance, waiver and consent (AWR), signed earlier this week by an enforcement official.
Grove “physically removed the equipment from his office and sold the items to different individuals … [for] approximately $1 million, for his own use and benefit,” the document said.
Based in Melbourne, Florida, Grove was a Schwab employee for over 15 years. He had about 250 clients.