Maryland Broker Barred by FINRA for Alleged Conversion of Elderly Client's Funds

George Wayne Hoffman (CRD #5068220, Parkville, Maryland)

was barred by FINRA for allegedly converting $17,000 from an elderly client for his own benefit, without the client’s knowledge or authorization.

FINRA's findings stated that Hoffman used falsified letters of authorization (LOAs) to cause his firm to transfer money from the client’s account at the firm to his landlord. Hoffman then applied the funds to pay his personal debts and expenses. By submitting the falsified LOAs to his firm, Hoffman caused the firm to maintain inaccurate books and records.

FINRA's findings also stated that Hoffman accepted a personal loan of $36,000 from the client. The loan was not in writing and Hoffman did not request or receive his firm’s approval to accept the loan. Hoffman has not repaid any of the loan to his elderly client.

Also FINRA's findings included that Hoffman failed to respond to FINRA’s requests for information, documents and testimony.

(FINRA Case #2012032922101)

George Wayne Hoffman was registered in the securities industry for 6 years and was previously registered with the following securities firm(s):

03/2010 - 07/2012 H. BECK, INC. (CRD# 1763) - TOWSON, MD

06/2009 - 03/2010 MORGAN STANLEY SMITH BARNEY (CRD# 149777) - HUNT VALLEY, MD

06/2008 - 06/2009 MORGAN STANLEY & CO. INCORPORATED (CRD# 8209) - HUNT VALLEY, MD

02/2006 - 06/2008 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD# 7691) - BALTIMORE, MD

This summation of information from FINRA's "Disciplinary and Other Actions, January 2015," ends here.

If you or an elderly family member have suffered financial losses because of your broker or financial advisor, call the Soreide Law Group for a free consultation on how to potentially recover your losses at 888-760-6552. Soreide Law Group represents clients nationwide before FINRA.