The Financial Industry Regulatory Authority barred broker Francis Martin Florey for attempting to transfer $116,369 from an elderly customer's bank account by impersonating the customer, and ultimately misappropriating the aforementioned amount from that account.
According to FINRA's findings, while associated with Wells Fargo Advisors, LLC in 2011, Florey opened a bank account in his customer's name at ING without his customer's knowledge, consent or authorization. After opening the ING account in February of 2011, Florey allegedly transferred $116,369.47 from the customer's Wachovia Bank account to the ING account. This amounted to the entire balance of the Wachovia account.
In March of 2011, Florey allegedly attempted to transfer a total of $1,673 from the ING account to a third account, this time in Florey's name, at Sallie Mae, Inc. According to the findings, ING restricted the account and notified its fraud department after the stockbroker, Florey, was unable to answer certain personal questions about the customer's ING account.
ING subsequently transferred back the $116,369.47 to the original Wachovia Bank account.
In New Jersey criminal court, Florey pled guilty to a third degree felony related to the above misconduct in early 2012, receiving two years' probation.
Though Florey had already been terminated by Wells Fargo on April 8, 2011, and had received a bar and $10,000 from the New Jersey state-specific securities industry, FINRA determined the conversion misconduct detailed above merited strict nation-wide sanctions: a bar from association with any FINRA member in any capacity. The previous consent order barring Florey from the state of New Jersey's securities industry may be viewed here.
The NJ consent order further declares that Florey's victim was "an elderly woman who has been a Wells Fargo customer for many years."
If you have invested with Francis Martin Florey or any stockbroker, advisor, representative firm who you suspect has engaged in conversion or other illicit financial activity—such as opening an account in your name and without your knowledge or permission—and such misconduct has 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.