Austin, who worked for JP Morgan Securities (“JP Morgan”) in Grand Rapids, MI from August 2016 through May 2020, is facing up to 15 years in prison after allegedly stealing more than $140,000 from his clients.
Back in June, Austin signed a Letter of Acceptance Waiver and Consent (the “Letter”) with the Financial Industry Regulatory Authority (“FINRA”), which stated that JP Morgan terminated Austin on May 5, 2020 because “in the capacity of an affiliate bank employee, [Austin] admitted to misappropriating approximately $144,000 from affiliate bank for his personal use.” The Letter explains that Austin forged withdrawal slips for three bank customers, two of whom were over the age of 90, and made unauthorized withdrawals from their accounts for his own personal use. Those withdrawals allegedly took place between January 2019 and March 2020. Austin is now barred from the securities industry.
FINRA Rule 2010 provides that a registered representative “shall observe high standards of commercial honor and just and equitable principles of trade.” Conversion, which is the stealing of another’s property for your own use, is a clear violation of FINRA Rule 2010. Suspicious withdrawals and transfers can be a sign that something is amiss.
If you have suffered investment losses as a result of the malpractice or misconduct of David Harry-Nelson Austin of JP Morgan Securities, our experienced team of securities attorneys may be able to assist you in recovering some or all of your losses. Call us toll-free at 888-607-4819 for a free consultation or email us through our “Contact” page to schedule a free consultation.