Soreide Law Group, (888) 760-6552, obtained the following summation of information on FINRA’s website under “Disciplinary and Other FINRA Actions, December, 2013.”
James Arnold Busch (CRD #1982074, Registered Representative, Atlanta, Georgia)
was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Busch allegedly utilized his customers’ bank account information, with the affiliate bank of his member firm, to misappropriate approximately $1.3 million from his clients, most of whom were elderly women.
FINRA's findings stated Busch misappropriated money from his clients by using two methods. The first, Busch called his credit card’s automated system and requested payments from his clients’ bank accounts to his personal credit card account. He provided his own credit card company with his clients’ bank routing and bank account numbers to make the transactions. The second, Busch used a manual process, where he submitted a paper debit memo to his credit card company to authorize payments from his clients’ bank accounts to his own credit card account.
Busch also liquidated some securities from the customers’ brokerage accounts in order to generate cash. The cash was transferred from the customers’ brokerage accounts to the customers’ bank accounts prior to Busch’s misappropriation of the funds.
(FINRA Case #2013038441201)
According to FINRA's BrokerCheck, James Arnold Busch, was previously registered with the following FINRA firm(s):
WELLS FARGO ADVISORS, LLC (CRD# 19616) - BRUNSWICK, GA
10/2000 - 10/2013
FIRST UNION BROKERAGE SERVICES, INC. (CRD# 8112) - CHARLOTTE, NC
01/1993 - 10/2000
INVEST FINANCIAL CORPORATION (CRD# 12984) - TAMPA, FL
01/1992 - 01/1993
GNA SECURITIES, INC. (CRD# 10465) - RICHMOND, VA
10/1990 - 01/1992
PRUCO SECURITIES CORPORATION (CRD# 5685) - NEWARK, NJ
09/1989 - 03/1990
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (CRD# 680) - NEWARK, NJ
09/1989 - 03/1990
This ends the information from FINRA’s website.
Soreide Law Group represents clients nationwide in arbitrations before FINRA. For a free consultation on how to potentially recover your investment losses call: 888-760-6552.
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