FINRA Sanctions J.P. Morgan Stockbroker For Customer Loan
Shirley Anne Weston (also known as Shirley Craft and as Shirley Schaeffer) of J.P. Morgan Securities LLC has been fined $7,500.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Weston impermissibly borrowed money from a customer while she was employed with J.P. Morgan Securities LLC. Letter of Acceptance Waiver and Consent No. 2018057143801 (Sept. 13, 2019).
According to the AWC, when Weston was associated with J.P. Morgan Securities, she was prohibited from borrowing funds unless the borrowing arrangement satisfied certain criteria and was authorized by the securities broker dealer. The AWC stated that $35,000.00 had been borrowed from a customer by Weston without her having informed J.P. Morgan Securities and without her obtaining the firm’s permission.
Apparently, Weston failed to repay the customer by the agreed upon deadline. Also, FINRA stated that Weston was administered a compliance questionnaire from the securities broker dealer which Weston completed without making reference to borrowing the customer’s funds. FINRA found Weston’s conduct violative of FINRA Rules 2010 and 3240 and National Association of Securities Dealers (NASD) Rule 2370.
FINRA Public Disclosure additionally reveals that Weston is referenced in a customer initiated investment related complaint where the customer requested damages estimated to exceed $5,000.00 supported by allegations that during the period in which Weston was employed by Wamu Investments Inc., false or misleading statements had been made concerning the terms, risks, or performance of the unit investment trust sold to the customer.