J.P. Morgan Securities Broker Barred For Elder Abuse
Salman Rasheed of Skokie Illinois a broker formerly employed by J.P. Morgan Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Rasheed took advantage of an elderly investor with dementia who provided Rasheed $390,045.00 in gifts while Rasheed was associated with the firm. Letter of Acceptance Waiver and Consent No. 2017056077301 (Feb. 15, 2019).
According to the AWC, from June of 2017 to August of 2017, during the time Rasheed was employed as a relationship manager of J.P. Morgan Bank and registered representative of J.P. Morgan Securities LLC, Rasheed took unauthorized payments from a customer, MW. Apparently, MW and her late husband, FW, were bank customers and later became owners of individual retirement accounts through J.P. Morgan Securities in January of 2017.
The AWC stated that in December of 2016, MW was introduced to Rasheed when he provided her assistance in closing out the safety deposit box owned by FW. Evidently, Rasheed was then contacted by MW in regard to him assisting her with personal matters. The AWC stated that by 2017, Rasheed began visiting MW monthly to this effect.
The AWC revealed that a total of five checks had been written out by MW to Rasheed from June 25 to August 28, 2017. The AWC stated that those checks, which were written out from an outside bank, had never been disclosed by Rasheed to J.P. Morgan. Rasheed reportedly turned to another bank to establish a bank account, seemingly to avoid any connection through JP Morgan Bank. Supposedly, on August 19, 2017, Rasheed terminated his association with the firm, and deposited MW’s checks in the account he maintained at the other bank.
The AWC revealed that Rasheed was provided those checks from MW during a time that the customer had dementia. Particularly, MW was placed in a nursing home in September of 2017. MW evidently lacked any mental capacity to effect financial transactions or otherwise make decisions with regard to her finances, according to a physician who examined her. Apparently, following appointment of a Public Guardian over MW’s property, an investigation was launched by the Public Guardian into Rasheed exploiting MW.
Ultimately, FINRA found Rasheed’s conduct violative of FINRA Rule 2010.
Rasheed’s registration with J.P. Morgan Securities LLC has been terminated as of August 30, 2017.