Demaurio Cortez Clark, of Acworth, Georgia submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for converting an elderly customer’s funds for his personal use.
Demaurio Clark was registered with Wells Fargo Clearing Services, LLC (Wells Fargo) as an investment company and variable contracts product representative. From July 2018 to July 2019, FINRA found that Mr. Clark converted $16,560 from an elderly customer and used the money for his personal use. According to FINRA, Mr. Clark opened a brokerage account for his customer without the customer’s knowledge or consent and transferred the $16,560 into his own personal checking account. These transfers were made without the customer’s knowledge or consent. FINRA Rule 2150(a) provides that no “person associated with a member [firm] shall make improper use of a customer’s securities or funds.” Conversion of customer funds is a violation of FINRA Rule 2150(a) and FINRA Rule 2010, which requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” By converting customer funds for his personal use, Mr. Clark allegedly violated FINRA Rules 2150(a) and 2010. Without admitting or denying FINRA’s findings, Demaurio Cortez Clark consented to the sanctions and has been barred from association with any FINRA member in all capacities. Continue Reading