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June 12, 2020 at 03:09 PM
The Financial Industry Regulatory Authority barred an ex-J.P. Morgan rep from association with any FINRA member in any capacity for converting about $144,000 from three customers of the firm’s affiliated bank, according to the regulator.
Without admitting or denying the findings, David Austin signed a letter of acceptance, waiver and consent Monday in which he agreed to FINRA’s sanction. FINRA accepted the letter Thursday.
J.P. Morgan declined to comment Friday. Gary K. Springstead, a partner at the law firm Springstead, Bartish, Borgula & Lynch, who represented Austin in the dispute with FINRA, didn’t immediately respond to a request for comment.
Austin entered the securities industry in September 2016 when he joined J.P. Morgan Securities and he became registered with FINRA through his association with J.P. Morgan one month later as an investment company and variable products representative, according to FINRA.
However, J.P. Morgan terminated Austin’s registration May 5, 2020, in a Form U5 disclosure, stating the rep was discharged because “in the capacity of an affiliate bank employee, [Austin] admitted to misappropriating approximately $144,000 from affiliate bank customers for his personal use,” FINRA said, quoting the firm’s comment in the disclosure.
