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Regulation and Compliance > Federal Regulation > FINRA

Ex-JPMorgan Rep Traded $314K of Senior’s Funds Without Authorization: FINRA

By Jeff Berman

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The Financial Industry Regulatory Authority fined a former J.P. Morgan Securities rep $5,000 for executing two trades totaling $314,000 in the account of a senior client without first obtaining his authorization, according to FINRA.

Without admitting or denying FINRA’s findings, ex-JPMorgan rep Lauren L. Wing submitted a letter of acceptance, waiver and consent to FINRA Aug. 20 in which she agreed to FINRA’s fine and a one-month suspension from associating with any FINRA member in any capacity. FINRA accepted the letter Thursday.

Wing is no longer registered as a broker or RIA, according to her report on FINRA’s BrokerCheck website.

Wing registered with FINRA through JPMorgan Securities as a general securities representative starting in January 2018. However, on April 5, 2019, JPMorgan filed a Form 5 Uniform Termination Notice for Wing, disclosing it terminated her for her unauthorized trades in the senior client’s account.

JPMorgan declined to comment Friday. Carlsbad, California attorney Robert L. Hill, who represented Wing in her dispute with FINRA, did not immediately respond to a request for comment.

In January 2019, Wing bought two brokered Certificates of Deposit in the senior customer’s brokerage account totaling $314,000 without first obtaining the customer’s authorization, according to FINRA.

“Shortly thereafter, the customer complained by email, and Wing forwarded the communication to her managers,” the FINRA AWC letter alleges. “The firm reversed the trades, reimbursed the $135 trading loss, and terminated Wing,” it went on to say.

As a result of her actions, Wing violated FINRA Rule 2010 governing standards of commercial honor and principles of trade, according to the regulator.

Jeff Berman

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