FINRA barred former JPMorgan Chase Bank branch officer manager Jose Jesus Martinez, Jr. for allegedly using an elderly customer's bank debit card to misappropriate funds after the customer left his card on Martinez's desk. After admitting this misconduct to a bank investigator, FINRA further uncovered that Martinez used the illicitly converted funds to pay personal expenses and to obtain cash.
As Martinez did not appear before the FINRA Office of Hearing Officers, the panel entered a default decision barring Martinez from association with any FINRA member firm in any capacity.
Disciplinary Proceeding #2012034384101
According to the investigation, Martinez managed a JPMorgan Chase Bank in Phoenix, Arizona when an elderly customer accidentally left his debit card behind after visiting the bank. Instead of returning or holding the card, Martinez allegedly made a series of cash withdrawals, paid personal bills and incurred other expenses that resulted in unauthorized withdrawals of over $1500.
Interestingly, the customer complaint indicated an improper conversion of just $1500 whereas an internal Chase Bank investigation concluded that Martinez actually converted over $7,000.
After JP Morgan subsequently terminated Martinez for the misconduct, he failed to provide FINRA with requested information related to the case, including a failure to file an Answer or respond to multiple services of the Complaint.
Because FINRA investigators deemed the allegations in the complaint "admitted," Martinez incurred a bar from the industry for conversion of customer assets without customer or firm permission, knowledge of consent and actions "patently antithetical to the 'high standards of commercial honor and just and equitable principles of trade'" referenced by FINRA rules.
If you have invested with Jose Jesus Martinez Jr., JP Morgan Chase Bank or with any broker or firm whose dishonest activity, including improper conversion of funds without permission or consent and this misconduct has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.