Christopher Somes Babcock (CRD #5004907, Wayne, Pennsylvania)
was barred by FINRA for allegedly receiving approx. $160,000 from his customers after he had his customers wire money from their firm accounts to their personal accounts and then they wired the money to Babcock or wrote a check payable to him.
According to the FINRA report, the money was given to Babcock with the customer’s intent that it be used for their investment purposes. Babcock allegedly did not invest the funds as his customers expected, but personally used the funds for his own benefit.
FINRA’s findings also stated that Babcock allegedly sent written account summaries to a customer without his firms’ knowledge and review, and at least two of the statements had falsely inflated value of the customer’s portfolio.
(FINRA Case #2011027329601)
Christopher Somes Babcock was previously registered with the following securities firm(s):
MORGAN STANLEY SMITH BARNEY (CRD# 149777) – WEST CONSHOHOCKEN, PA
06/2009 – 02/2011
CITIGROUP GLOBAL MARKETS INC. (CRD# 7059) – WEST CONSHOHOCKEN, PA
12/2007 – 06/2009
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD# 7691) – WAYNE, PA
09/2005 – 12/2007
The summation from FINRA’s website under “Disciplinary and Other Actions, June, 2014,” ends here.
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