After wrongfully converting funds and failing to cooperate with the Financial Industry Regulatory Authorities’ (FINRA’s) investigation, two former JP Morgan Chase brokers were barred from the securities industry. Fernando Arevalo and Jimmy Caballero allegedly stole $300,000 from an elderly client. According to FINRA, the two did this by first selling two of her annuities and transferring that money into a new account that Arevalo had opened for her. From there they transferred the funds once again to an account with both the client’s and Caballero’s name on it. After that, they were able to withdraw money for their own personal expenses. The client was not aware of any of the transactions nor did she approve them. Both men also were accused of failing to cooperate with FINRA’s investigation after failing to testify and provide relevant information. Although JP Morgan was not a part of the suit, they did refund the elderly woman all of her money back.
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