NY Broker Barred by FINRA for Misappropriation of Customer's Funds

Soreide Law Group, PLLC, (888) 760-6552, obtained he following information on FINRA’s website under “Disciplinary and Other FINRA Actions, August, 2013.”

Christopher Francis Smith (CRD #2710455, Registered Representative, Hicksville, New York)

was barred from association with any FINRA member in any capacity. Without admitting or denying the allegations, Smith consented to the described sanction and to the entry of findings that he improperly used $9,300 from a member firm customer.

FINRA's findings stated that Smith processed a $10,000 withdrawal from the customer’s brokerage account, without her knowledge or permission, in a cashier’s check. Smith deposited that check into the customer’s bank checking account, less $3,500 in cash, which Christopher Smith kept for himself.

Then, FINRA's findings stated, one year later Smith again processed a $10,000 withdrawal from the customer’s other brokerage account at his firm, without the customer’s knowledge or permission, through the use of a second cashier’s check. Smith deposited that check into the customer’s bank checking account, less $3,500 in cash, which Smith again kept for himself. Smith withdrew $2,300 from the customer’s bank checking account without her knowledge or permission, and kept it for himself.

FINRA's findings said that Smith withdrew a total of $10,000 from other customers’ bank checking accounts without their knowledge or permission. These customers did not have brokerage accounts. FINRA found that Smith failed to respond to FINRA requests for documents and information.
(FINRA Case #2012032715001)

Christopher Francis Smith was previously registered with FINRA at the following brokerage firms:

CHASE INVESTMENT SERVICES CORP.
CRD# 25574
HUNTINGTON STATION, NY
12/2009 - 05/2012

CITIGROUP GLOBAL MARKETS INC.
CRD# 7059
GARDEN CITY PARK, NY
05/2007 - 12/2009

CITICORP INVESTMENT SERVICES
CRD# 23988
GARDEN CITY PARK, NY
12/2003 - 05/2007
This ends the information from FINRA's website.

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