Jo Ellen Fisher, a former Peoples Bancorp employee and financial advisor for Raymond James, has officially been barred from the securities industry. Fisher was accused of embezzling almost $1 million from an elderly client. Fisher allegedly transferred $924,750 from a trust of the 95 year old investor to an account under her daughter’s name. Fisher was then able to use that money on her own personal expenses, including her mortgage, cars, and jewelry. In her own defense, Fisher claimed that the client was her daughter’s godfather and he wanted her daughter to have the money when she turned 21. FINRA claims that Ms. Fisher’s defense is not supported by legitimate documents. Raymond James is now seeking $800,000 from Fisher. They have asked a federal judge to freeze all assets and accounts held by Fisher and to give them claim on all her assets.
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