Theresa I. Reyes, a former registered representative with Chicago, Illinois based Chase Investment Services Corp. (JPMorgan Chase Bank NA), submitted an Offer of Settlement in which she consented to the entry of the Financial Industry Regulatory Authority's (FINRA) findings that she repeatedly used her capacity as a personal banker at JPMorgan Chase Bank to engage in activity in a customer's business credit card account without the customer's knowledge or authorization. FINRA said that Ms. Reyes' unauthorized actions included adding her husband as an authorized user, requesting that a credit card be issued on the account in her husband's name, and increasing the customer's credit limit. Ms. Reyes also set up an online credit card account profile for the customer, enrolled the customer in the bank's online payment service, and made a payment to the credit card account. After JPMorgan Chase Bank removed Ms. Reyes' husband from the credit card account at the customer's request, Ms. Reyes arranged for her husband to be added back as an authorized user and also requested that another card be issued in her husband's name and sent to her branch bank location. FINRA also said that over a period of more than two months, Ms. Reyes and her husband converted approximately $15,277.35 of the customer's funds by charging several unauthorized personal expenses to the customer's credit card account. FINRA further included that Ms. Reyes failed to appear for testimony FINRA requested. Ms. Reyes, of San Diego, California, was barred from association with any FINRA member in any capacity.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered losses due to acts of misconduct similar to Ms. Reyes' can bring forth claims to recover losses against Chase Investment Services, which should have prevented Ms. Reyes from conducting the above described illegal activity. Have you suffered losses in your Chase Investment Services Corp. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.