The Financial Industry Regulatory Authority has fined a former rep from a broker-dealer owned by New York Life Insurance Co. for six months and ordered him to pay $5,000 for charging personal expenses on his corporate credit card.
From December 2010 to January 2024, Antaun Cyril Lewis Barnett was registered with FINRA, including as an investment company and variable contracts products rep, through an association with NYLife Distributors.
On Jan. 25, 2024, NYLife Distributors filed a Form U5 terminating Barnett’s association with the firm.
Between November 2022 and August 2023, Barnett submitted to NYLife Distributors expense reports totaling $4,463 for 15 meal, lodging and transportation expenses that he charged to firm accounts.
"Barnett characterized the expenses as business expenses, when, in fact, they were personal expenses that did not comply with the firm’s travel and business expense policy," the FINRA order states.
In expense reports that he submitted to the firm, "Barnett characterized the expenses as business expenses when, in fact, they were personal in nature," the order states.
The 15 expenses consisted of hotel stays, meals and transportation costs associated with non-business trips. After NYLife Distributors questioned Barnett about the expenses, Barnett offered to reimburse the firm, according to FINRA.
The NY Life policy instructed employees to use their corporate credit cards for all business-related meal, lodging, and transportation expenses, and to submit expense reports with supporting receipts.
"The policy prohibited employees from using their corporate credit cards for personal expenditures and stated that the firm would not reimburse any personal expenses," FINRA said.
Barnett accepted and consented to FINRA's findings without admitting or denying them. He didn't respond to a request for comment.
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