FINRA Bars Broker for Stealing $89,000 From an Elderly Customer

WASHINGTON — 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.

Investors can obtain more information about, and the disciplinary record of, any FINRA-registered broker or brokerage firm by using FINRA's BrokerCheck. FINRA makes BrokerCheck available at no charge. In 2013, members of the public used this service to conduct 16.5 million reviews of broker or firm records. Investors can access BrokerCheck at www.finra.org/brokercheck or by calling (800) 289-9999. Investors may find copies of this disciplinary action as well as other disciplinary documents in FINRA's Disciplinary Actions Online database.

FINRA, the Financial Industry Regulatory Authority, is the largest independent regulator for all securities firms doing business in the United States. FINRA is dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. FINRA touches virtually every aspect of the securities business – from registering and educating all industry participants to examining securities firms, writing rules, enforcing those rules and the federal securities laws, and informing and educating the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers the largest dispute resolution forum for investors and firms. For more information, please visit www.finra.org.