Jamie David Pope, a former registered representative with Oklahoma City, Oklahoma-based Wilbanks Securities, Incorporated (Wilbanks) consented to, but did not admit to or deny, the entry of the Financial Industry Regulatory Authority’s (FINRA) sanction and findings that he converted a customer’s funds for his personal use.
According to FINRA, Jamie Pope, of Winter Park, Florida, was allegedly provided with checks totaling $60,000 by a Wilbank’s customer for the express purposes of investing in one of Mr. Pope’s outside business activities and to purchase real estate in Montana. FINRA found that Mr. Pope represented to the investor customer that the entirety of the money would be used for the intended purposes. However, Mr. Pope deposited the funds into his personal checking account and converted at least $13,197 to pay for his personal expenses, according to FINRA’s findings. Consequently, Jamie Pope was permanently barred from association with any FINRA member in any capacity.
Conversion is the unlawful practice of using money that does not rightfully belong to you for purposes such as those described above; i.e. for personal use or benefit. Conversion is a violation of FINRA Rule 2010, which relates to commercial honor and principles of trade.
Stockbrokers, registered representatives, and other financial industry professionals have been known to engage in many types of fraudulent and unlawful behavior, such as conversion of funds, which violate industry rules and procedures. In order to protect investors from such misconduct, FINRA rules require broker-dealers to establish and implement a reasonable supervisory system. The implementation of the rules requires supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, as well as the brokerage firm’s own policies and procedures. If brokerage firms and their supervisors do not establish and implement these protective measures, they may be liable to account holders for losses flowing from the misconduct. As a result, investors who have suffered losses stemming from a broker or registered representative’s unauthorized, fraudulent and/or unlawful misconduct can bring forth claims to recover damages against broker-dealers like Wilbanks Securities, which have a duty to supervise its employees in order to prevent these types of stockbroker misconduct.
Have you suffered losses in your investment account due to your registered representative or stockbroker’s unauthorized, fraudulent and/or unlawful misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against financial professionals for conversion of funds, mismanagement of investment accounts, and/or other unauthorized misconduct.
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 , 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 post a comment, call (800) 732-2889, send Mr. Pearce an email at firstname.lastname@example.org, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.