A former Cetera Financial Group broker has been barred by the Financial Industry Regulatory Authority from associating with any FINRA member firms in all capacities for allegedly converting over $40,000 in funds from three of her older Cetera clients and using the money to buy her son mutual fund shares, according to the industry self-regulator.
Without admitting or denying FINRA’s findings, Marianne O’Shee Smith signed a FINRA letter of acceptance, waiver and consent on Friday, consenting to being barred by FINRA. FINRA signed the letter Tuesday.
Smith first registered with FINRA in February 1987 as a general securities representative and broker for American Express Financial Advisors, according to her report on FINRA’s BrokerCheck website.
Smith became associated with Cetera Advisors in October 2016 as a rep and broker. In June 2021, Cetera filed a Form U5 Uniform Termination Notice reporting Smith was discharged in connection with its investigation of her deposit of customer checks into accounts maintained by a third party.
Cetera declined to comment Thursday. Vander Beatty, an attorney at New York law firm Mound Cotton Wollan & Greengrass who represented Smith, did not immediately respond to a request for comment.
Between February 2018 and April 2021, Smith allegedly converted $45,100 from her three older Cetera clients, according to FINRA.
Between Jan. 31, 2018, and Feb. 27, 2021, three Cetera clients gave Smith 10 checks totaling $45,100 made payable to a mutual fund company affiliated with the firm.