Advisor Alert: Elizabeth Marie Garcia Barred Over Faked Childcare Expense Reports

Advisor-Alert-Elizabeth-Marie-Garcia-BarredLate last week, Financial Industry Regulatory Authority (FINRA) barred Elizabeth Marie Garcia (CRD # 6385917) from the financial industry. In a letter of acceptance, waiver, and consent the former Merrill Lynch broker accepted the bar.

Garcia is no longer allowed to practice as a broker or associate with broker-dealer firms. The disciplinary action came after Garcia allegedly filed false childcare expense reimbursement documents. She never actually incurred the expenses.

Garcia submitted the requests to Merrill Lynch between January 2016 and January 2017. She received more than $9,000 in reimbursements. Her false reports claimed she paid childcare expenses to a daycare center. She even fabricated documents showing she had incurred the expenses.

Garcia does not admit or deny the FINRA findings but she did consent to the bar. Merrill Lynch clients or accounts were not involved in the fraud. Discovery of the false reports early in 2018 prompted Garcia to resign from the firm. According to FINRA documents, Merril Lynch began their internal investigation and the broker resigned later that same day. Garcia has not worked in the financial industry since.

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