Misappropriation of funds is one of the most egregious offenses a financial advisor can commit. Paul Warren Vizanko, a former broker with Wells Fargo and Merrill Lynch, was permanently barred by FINRA after failing to respond to an investigation into his conduct.

According to public disclosures, a customer dispute alleged that Vizanko cashed checks meant for the client and kept the money for himself. Prior to his FINRA bar, Wells Fargo discharged Vizanko following allegations that he borrowed funds from a client, received an undisclosed cash gift, and was improperly named as a beneficiary of a client’s trust.

Brokers are strictly prohibited from mixing personal finances with client funds or acting as beneficiaries for non-family clients. These rules exist specifically to prevent elder financial exploitation and theft. When a brokerage firm fails to detect unauthorized check cashing or improper trust designations, the firm may be held liable for the client’s missing funds.

If you or a family member lost significant assets due to the actions of Paul Warren Vizanko, contact Sonn Law. We evaluate high-value misappropriation and elder fraud claims nationwide.

Sources: (FINRA BrokerCheck Report for Paul Warren Vizanko: FINRA) (Sonn Law Group Archives: SONNLAW)