FINRA Sanctions JP Morgan Stockbroker For Unauthorized Trading
Deborah Leah Beal of Downers Grove Illinois a stockbroker formerly registered with JP Morgan Securities LLC has been fined $5,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that she engaged in unauthorized transactions in the accounts of JP Morgan Securities customers. Letter of Acceptance Waiver and Consent No. 2019063697901 (Sept. 22, 2020).
According to the AWC, FINRA was notified on August 21, 2019 that Beal had been discharged from JP Morgan Securities given allegations that the stockbroker admitted to making discretionary trades, moving customers’ funds out of investment sweep accounts and into other products. Beal admitted that she violated the policies of the securities broker dealer.
The AWC stated that 112 customers’ accounts were subject of Beal’s fund transfers on May 13, 2019. Those transactions involved a principal value of $704,379.80. FINRA stated that transactions were made by Beal without any authorization being provided to her from her customers. JP Morgan Securities did not enable Beal to exercise discretionary in customer accounts which meant that Beal had no authority to effect those transactions. FINRA found that Beal’s conduct constituted unauthorized trading in violation of FINRA Rules 2010.
Beal was registered with JP Morgan Securities between October 14, 2013 and August 20, 2019.