FINRA alleged that Austin converted funds of three customers by making unauthorized cash withdrawals.
The Sonn Law Group is investigating allegations that David Austin converted client funds. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.
David Austin (CRD#:6702519) was a broker with JP Morgan from 2016 until 2020, when he was discharged from the firm following allegations that he misappropriated approximately $144,000 from bank customers for personal use.
In June 2020, Austin was barred by FINRA from associating with any FINRA member firm in any capacity after consenting to FINRA’s findings.
June 2020 Regulatory Judgment
- Initiated By: FINRA
- Allegations: “Without admitting or denying the findings, Austin consented to the sanction and to the entry of findings that he converted approximately $144,000 from three customers of his member firm’s affiliated bank. The findings stated that Austin forged withdrawal slips for the bank customers, two of whom were over 90 years old, and made unauthorized cash withdrawals from their accounts, which he kept for his personal use. Austin also transferred funds from two of these customers’ joint bank account to his personal bank account without authorization.”
- Resolution: Acceptance, Waiver & Consent (AWC)
- Sanctions: Bar
- Registration Capacities Affected: All capacities
- Duration: Indefinite
- Start Date: 6/11/2020
Contact Us Today
The Sonn Law Group is currently investigating allegations that David Austin converted client funds. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.