FINRA bars broker for stealing $89,000 from an elderly customer


The Financial Industry Regulatory Authority (FINRA) announced today that it has permanently barred Jeffrey C. McClure from the securities industry for converting nearly $89,000 from an elderly customer’s bank account while working for Wells Fargo Advisors, LLC and an affiliated bank in Chico, California. The affiliated bank has made the customer whole for her losses.

FINRA found that from December 2012 to August 2014, McClure wrote himself 36 checks totaling $88,850 drawn on the customer’s affiliated bank account without her knowledge or consent. McClure had access to the checks because the elderly customer had authorized him to pay her rent and other expenses as agreed. Instead, McClure deposited the checks into his personal bank account and used the funds for his personal expenses.

Brad Bennett, FINRA Executive Vice President and Chief of Enforcement, said, “FINRA has a zero tolerance policy for brokers who steal from their clients, especially those who are the most vulnerable. Rooting out this type of misconduct and removing these kinds of bad actors from the industry is a top priority.”

In settling this matter, McClure neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.

FINRA’s investigation was conducted by the Office of Fraud Detection and Market Intelligence and the Department of Enforcement.

For the full announcement from FINRA, click here.

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FINRA bars broker for stealing $89,000 from an elderly customer

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