FINRA barred HSBC Securities (USA), Inc. broker Ann Maria Ferrao following an investigation into allegations that she misappropriated funds from client's bank accounts for the benefit of other clients and for her own personal benefit.
FINRA Case #20140404384 | BrokerCheck: Ann Maria Ferrao
The investigation began when HSBC Bank's Securities and Fraud Investigations Unit received a customer report about an apparent funds shortage in his bank account. Upon internal investigation of this oddity, the HSBC Investigations Unit discovered that a firm registered representative was withdrawing funds from the customer's account for the benefit of other clients.
Investigators also determined that the representative, identified as Ann Maria Ferrao, additionally personally misappropriated funds from the same bank account for her own benefit.
As the result of the internal investigation, HSBC terminated Ferrao's employment while forwarding the findings to FINRA staff.
Ferrao subsequently failed to appear for a FINRA-requested and required on-the-record testimony related to the allegations, sealing the regulator's decision to permanently banish her from the securities industry.
If you have invested with Ann Maria Ferrao or with any other broker, financial adviser or firm whose unauthorized and improper access to your bank or investment account has resulted in monetary losses or other harm to your financial interests, positions or investments, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.