Charles Bishop, Jr., Pompano Beach, FL, Fined and Suspended by FINRA for Misappropriation of Funds (aprox. $3mill) from an Elderly Client

The following information was found on FINRA's website's "Disciplinary and Other Actions, November, 2012."

Charles Eugene Bishop Jr. (CRD #1621380, Registered Principal, Pompano Beach, Florida)

submitted an Offer of Settlement in which he was fined $7,500 and suspended from association with any FINRA member in any capacity for two years. Without admitting or denying the allegations, Bishop consented to the described sanctions and to the entry of findings that he attempted to misappropriate approximately $3 million from an elderly customer of his member firm.

These findings stated that Bishop created paperwork by which the deceased customer’s assets would be transferred to a purported entity that was never
formed, but whose name was virtually identical to a company the customer owned, with a tax identification number assigned by the Internal Revenue Service (IRS) to another entity that was never formed, but whose sole member, according to IRS records, was Bishop.

Bishop had the customer sign a firm form that designated Bishop’s entity, although the customer’s signature on the form was notarized, the customer was not present before the notary when the signature was notarized.

The beneficiary’s tax identification number on another firm form the customer signed was changed to the tax identification number for the purported entity associated with Bishop as sole member. The signature date of the form was not altered or changed, and the customer did not initiate the change of
the tax identification number. The findings also stated that after the customer passed away, Bishop, through his attorney, filed a notice with a Probate Division with his state’s Circuit Court representing that he had an interest in the customer’s estate as a claimant and beneficiary of the deceased customer’s estate.

Following Bishop’s termination of employment from his firm, the court issued an order invalidating the beneficiary designations that were on file at Bishop’s firm for the customer’s securities accounts.

The suspension will be in effect from December 3, 2012, through December 2, 2014. (FINRA Case #2009017699201)
(This ends the information on the Disciplinary Actions.)

On FINRA's website under 'BrokerCheck' there are pending customer disputes and 7 final customer disputes listed. He also has 1 regulatory event, 1 pending financial, and 1 final termination. The last three firms of employment, all in Ft. Lauderdale, Florida, were listed as, National Asset Management, Merrill Lynch, Pierce, Fenner and Smith, Inc., and Morgan Stanley.

Currently, Soreide Law Group has pending FINRA arbitrations against Charles E. Bishop, Jr. If you had invested with Charles Eugene Bishop, Jr., and experienced financial losses, call and speak at no charge to a securities attorney who may potentially help you recover your losses. Call 888-760-6552, or visit https://www.securitieslawyer.com.