FINRA barred former JP Morgan Securities representative Leona Lynn Parsons of the firm's Imperial Beach, California branch after she refused to cooperate with an industry investigation into the circumstances surrounding her termination from a JP Morgan affiliate bank based on allegations that she failed to provide a customer with the full amount of funds that customer had withdrawn, and also used withdrawal slips that did not contain the customer's signature.
According to her file, JP Morgan discharged Parsons (CRD #6164352) in February, after she allegedly assisted a bank customer in withdrawing money from a bank account via a series of withdrawals, and then didn't give the customer the full amount that had been withdrawn. JP Morgan found that some of the withdrawal slips Parsons used to withdraw the funds did not contain the customer's signature.
The findings do not indicate whether or not the customer had knowledge or consented to the withdrawals effected using slips that did not contain the requisite client signature.
FINRA's investigation of Parsons remains vague to due her noncooperation.
Misappropriation and conversion of funds comprise an area of securities fraud and theft that can be devastating for investors, particularly senior investors.
For example, FINRA in April barred former LPL Financial principal Laura Ortega Shean/Provost for converting $124,000-worth of customer money to pay her personal tax bills.
Later in April, the FBI arrested ex-Ameriprise Financial Services broker Li Lin Hsu of Diamond Bar, CA, charging her with mail fraud, wire fraud, obstruction of justice, and money laundering. Amongst the charges against Hsu was misappropriation of funds from a client. In September 2017, a FINRA arbitration panelordered Hsu to pay $675,000 in damages to Ameriprise regarding this misappropriation charge.
If you have invested with former JP Morgan rep Leona Lynn Parsons or with any broker or financial adviser who has improperly pilfered your money or otherwise misappropriated or converted your funds for unauthorized use, resulting in losses or similar damages that have 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.