New York Broker Barred by FINRA for Allegedly Converting an Elderly Client Funds For His Own Personal Use

Robert Durant Tucker (CRD #1725356, New York, New York)

was barred by FINRA and the SEC dismissed Tucker’s appeal of the NAC decision. This sanction was based on FINRA's findings that Tucker allegedly improperly approved the transfer of client funds to his personal checking account by falsifying a wire transfer form to give it the appearance that he was a manager at his member firm, and then converted the elderly client's funds for his personal use.

FINRA's findings stated that Tucker prepared a wire request form instructing his member firm’s clearing firm to wire $4,500 from an elderly client’s account to his personal checking account at a bank. The firm’s only fax machine automatically sends copies of all outgoing faxes to an email box that the firm’s compliance department reviews. Tucker circumvented the firm’s safeguard by using a fax machine from another location to fax the wire request transfer. After the client’s verbal complaint to the firm regarding the unauthorized transfer, the firm confronted Tucker and he arranged for a friend to repay the client.

FINRA's findings also stated that the evidence to support that Tucker commingled a client’s funds is exactly the same evidence that proves that he converted the client’s funds. Given the finding of conversion, however, the NAC found it unnecessary to consider whether Tucker also commingled the client’s funds with his own funds and dismissed this allegation.

(FINRA Case #2009016764901)

Robert Durant Tucker has been registered with the securities industry from 1995-2013. The following is a list of his former firms:

12/2012 - 03/2013
AVENIR FINANCIAL GROUP (CRD# 148490) - NEW YORK, NY
01/2010 - 11/2012
ICM CAPITAL MARKETS LTD. (CRD# 103725) - NEW YORK, NY
10/2009 - 01/2010
UNION FINANCIAL CORP. (CRD# 30650) - NEW YORK, NY
06/2008 - 01/2009
BISHOP, ROSEN & CO., INC. (CRD# 1248) - NEW YORK, NY
12/2007 - 06/2008
BRILL SECURITIES, INC. (CRD# 18565) - NEW YORK, NY
10/2007 - 12/2007
PHD CAPITAL (CRD# 38785) - NEW YORK, NY
01/2007 - 09/2007
PRESTIGE FINANCIAL CENTER, INC. (CRD# 30407) - NEW YORK, NY
FINRA expelled the firm in 05/2011
06/2005 - 02/2007
MEYERS ASSOCIATES, L.P. (CRD# 34171) - NEW YORK, NY
02/2005 - 06/2005
VFINANCE INVESTMENTS, INC (CRD# 44962) - BOCA RATON, FL
05/2005 - 05/2005
POINTE CAPITAL, LLC (CRD# 112097) - TAMPA, FL
09/2002 - 03/2005
GUNNALLEN FINANCIAL, INC (CRD# 17609) - TAMPA, FL
09/2001 - 11/2002
SCHNEIDER SECURITIES, INC. (CRD# 16434) - DENVER, CO
04/2001 - 08/2001
INVESTPRIVATE, INC. (CRD# 103737) - NEW YORK, NY
01/2001 - 04/2001
BROADBAND CAPITAL MANAGEMENT, LLC (CRD# 48001) - NEW YORK, NY
06/2000 - 02/2001
FIRST REPUBLIC GROUP, LLC (CRD# 39781) - NEW YORK, NY
FINRA expelled the firm in 09/2009
11/1998 - 07/2000
WHALE SECURITIES CO., L.P. (CRD# 13516) - NEW YORK, NY
10/1998 - 11/1998
JWGENESIS SECURITIES, INC. (CRD# 33832) - BOCA RATON, FL
08/1998 - 09/1998
NATIONAL SECURITIES CORPORATION (CRD# 7569) - SEATTLE, WA
03/1997 - 07/1998
THE BOSTON GROUP (CRD# 37652) - LOS ANGELES, CA
12/1995 - 03/1997
AMERICORP SECURITIES, INC. (CRD# 30405) - NEW YORK, NY

The summation of information from FINRA's Disciplinary Report March 2015 ends here.

If you or an elderly family member have suffered investment losses due to your broker or financial advisor's recommendations, please call Soreide Law Group for a consultation at no cost with an attorney for possible recovery of your losses: 888-760-6552.