SERVING CLIENTS NATIONWIDE

Gregory Bauer Barred After Forgery Leads to $400,000 in Unauthorized Withdrawals

FINRA barred former Waddell & Reed Inc. broker Gregory Russel Bauer for making a series of unauthorized withdrawals and causing unauthorized liquidations of securities from his parents, who were Waddell & Reed customers. The findings state that Bauer converted more than $400,000 over a nine-year period of misconduct, using these funds for personal expenses without permission.

FINRA AWC #2016051501801

Investigators wrote that Bauer (CRD #2552478) forged his parents'/customers' signatures on withdrawal request forms without permission nor notification, and then submitted the forged withdrawal requests, causing securities to be sold from his parents' accounts and checks to be issued to them.

The report states that Bauer then intercepted the checks that had been mailed to their home, and deposited the checks into his own personal bank account, using the funds for personal expenses.

In the end, FINRA decided to banish Bauer from the industry after compiling a list of misconduct and concluding that Bauer had forged signatures, caused the unauthorized sale of securities, intercepted pieces of mail (the checks), deposited said checks into his personal bank account, and used the funds for personal expenses without permission.

After leaving Waddell & Reed in October 2013—FINRA's report doesn't state the nature of Bauer's separation from the firm—Bauer registered with H. Beck, Inc., where he remained until his termination in September 2016 as the result of the aforementioned misappropriation allegations.

If you have invested with former Waddell & Reed broker Gregory Russel Bauer or with any broker or financial adviser whose forgery or manufacture of fake or fraudulent withdrawal request or similar account forms, or whose unauthorized activity in your account, such as misappropriation or conversion of funds, 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.

Categories