The Financial Industry Regulatory Authority (FINRA) has permanently banned a former Wells Fargo Advisors broker in Chico, California for allegedly stealing about $89,000 from an elderly customer’s bank account.
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FINRA officials said that McClure wrote himself 36 checks totaling $88,850 from the clients’ bank account from December 2012 to August 2014 to pay for his own expenses.
The client had given McClure checks to pay her rent and some other expenses.
McClure, who worked with Wells Fargo since 1997, deposited the checks into his personal bank account for his personal expenses without his clients’ knowledge or consent.
FINRA said that Wells Fargo bank has paid the customer for her losses. McClure didn’t admit or deny the charges.
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By GlobalDataFINRA executive vice president and chief of enforcement Brad Bennett said: "FINRA has a zero tolerance policy for brokers who steal from their clients, especially those who are the most vulnerable. Rooting out this type of misconduct and removing these kinds of bad actors from the industry is a top priority."
