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Michael Mahabir Barred After Conversion Investigation

FINRA barred former JP Morgan Securities LLC (Monrovia, CA) broker Michael Anthony Mahabir after investigating allegations that he converted funds from a bank customer.

AWC #2017052878801

According to the report, FINRA's investigation concerned Mahabir's termination from JP Morgan Chase Bank, which discharged him for allegedly failing to provide the full amount of a bank account withdrawal to the withdrawing customer.

FINRA permanently barred Mahabir from the securities industry after he failed to cooperate with the regulator's investigation into the charges.

The allegations against Mahabir—that he purportedly failed to provide the full amount of a withdrawal to a JP Morgan customer—illustrate that conversion doesn't require the malfeasant broker or adviser to have pocketed the entirety of a withdrawal: conversion can also take place when a broker or financial adviser siphons just a fraction of an overall withdrawal, sometimes under the guise of business deduction for "fees," "commissions," or other questionable expenses.

For instance, FINRA in November 2016 filed a complaint against former Purshe Kaplan adviser Stanley Clayton Niekras for allegedly billing two elderly customers for $70,000 in fabricated estate and financial planning service fees. FINRA's complaint stated that Niekras admitted he engaged in "a bit of a fabrication" in pursuing the fees from his 90- and 91-year-old clients, who he knew were in "physical and mental decline."

Meanwhile, ex-Merill Lynch broker Alec J Rivera recently pleaded guilty to wire fraud charges after transferring over $1 million out of clients' investment accounts without their knowledge or consent, going so far as to create fake account statements to conceal the fraudulent transfers.

If you have invested with Michael Anthony Mahabir, or with any broker or financial adviser whose theft by conversion or whose excessive fees and unauthorized financial deductions have proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

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The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
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