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Sarah Banon Barred for Failing to Cooperate with Investigation

Broker Sarah Leanne Banon, formerly with JP Morgan Securities in Pacific Grove, California, refused to appear for on-the-record testimony with FINRA in connection into allegations that she misappropriated funds at JP Morgan Chase Bank for personal use, prompting FINRA to bar her from the securities industry.

In AWC #201806356601, investigators wrote that Banon (CRD #6648369) responded to a FINRA request for information/testimony by stating she refused to cooperate with FINRA's investigation that she misappropriated funds from JP Morgan Chase Bank in Pacific Grove.

Banon previously filed for bankruptcy in the US Bankruptcy Court for the Northern District of California. JP Morgan terminated Banon in October 2018 after she allegedly admitted to misappropriating $4,000 from a co-workers cash drawer for personal use.

When a stockbroker encounters financial problems, this can prove harmful for customers. For instance, in 2018, FINRA sanctioned former LPL Financial and Independent Financial Group broker John William Bernard for improperly exercising discretion at LPL's Shell Beach, CA location.

Customer complaints filed against Bernard alleged unsuitability, unauthorized trading, and churning in real estate securities. Bernard's file listed previous financial compromises and a bankruptcy disclosure.

Sometimes, brokers in hot water over money matters take more drastic steps to enrich themselves.

In 2017, FINRA sanctioned Mitchell Glenn Behm for taking a $180,000 loan from an elderly customer and wilfully failing to timely disclose a 2009 bankruptcy filing. Similarly, a customer complaint in Behm's file alleged that the broker provided poor financial advice regarding a variable annuity income rider.

If you have invested with Sarah Leanne Banon or with any broker or financial adviser in financial peril who inappropriately recommended you invest in an unsuitable product with high fees or commissions that has proven harmful to your interests, please call an experienced FINRA arbitration attorney at 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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