FINRA Bars JP Morgan Stockbroker For Conversion

David Harry-Nelson Austin of Grand Rapids Michigan a stockbroker formerly registered with JP Morgan Securities has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he converted funds belonging to three customers of JP Morgan. Letter of Acceptance Waiver and Consent No. 2020066576401 (June 11, 2020).

According to the AWC, during the time that Austin was associated with JP Morgan Securities and JP Morgan Chase Bank, he engaged in forgery and conversion of elderly customers’ funds. The AWC stated that withdrawal slips had been forged by Austin so that he could effect unauthorized withdrawals from the customers’ accounts.

FINRA stated that customers’ funds were either taken through cash withdrawals or were relocated without customers’ consent into a bank account under Austin’s control. The AWC revealed that Austin misused at least $144,000.00 in customer funds in violation of FINRA Rule 2010. He was barred from the securities industry for this reason.

Austin was discharged by JP Morgan on April 23, 2020 supported by allegations of him admitting to having misappropriated customers’ funds for his own use.