FINRA has barred a former JP Morgan financial advisor, Bradley Curtis Williams, after an alleged check-kiting scheme. According to his BrokerCheck record, the bar follows an online scam involving his Chase bank account.
In January of 2017, Williams stole more than $2,200 from Chase bank. He attempted to cheat the chase online system when he initiated a transfer of $10,000 from an outside account into his personal Chase account.
The outside account had been closed for years and contained no funds. Williams then used the provisional credit from the fraudulent transfer for personal online payments, debit-card purchases, and bank transfers.
He also opened a second chase account and transferred $1500 of the non-existent funds into this new account. All told, Williams converted more than $2,200, not including overdraft and other fees. He never repaid the balance on the accounts.
JP Morgan terminated Williams from their banking unit in February of 2017. He admitted to the attempt at transfering the fund when he knew they were unavailable.
In a letter of acceptance, Williams agreed to the bar but did not admit or deny FINRA findings. Although the broker’s activity was not securities related, it is unlawful for a broker to engage in fraud, financial or otherwise. Intentional misappropriation of funds, or unlawful conversion, as it is also known, is a direct violation of FINRA Rule 2150 and it breaks the law.
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