TAG | broker borrowing from customer who was not family member
Comments off · Posted by Securities Lawyer in FINRA
Brent Robert Bishop (CRD #2348912, Registered Principal, Tulsa, Oklahoma)
has been barred from association with any FINRA member in any capacity and ordered to pay restitution in the total amount of $58,000, plus interest, to customers.
These sanctions were based on FINRA’s findings that Bishop misappropriated funds from his member firm’s customers by intentionally converting $40,000 from the customers, for phony investments with false investment certificates he provided, and using the funds for his own personal use.
FINRA’s findings stated that Bishop’s firm reimbursed, or offered to reimburse, some of the customers. Bishop borrowed a total of $74,000 from firm’s customers contrary to his firm’s written policy prohibiting its registered representatives from borrowing money from customers other than immediate family members, none being family members.
The FINRA findings also included that Bishop’s firm did not preapprove in writing any of the loan transactions and he never sought the firm’s permission to borrow money from customers. Bishop has not repaid the loans from his customers. FINRA found that Bishop failed to respond to FINRA requests for information and to appear for a FINRA interview.
(FINRA Case #2010021827701)
This information was on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2012.
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a loved one have sustained investment losses due to Brent Robert Bishop, your stock broker/dealer, or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.
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