St. Petersburg, FL, Bank Manager Barred by FINRA for Misappropriation of Funds

The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, November, 2012.”

Brennan R. Lollar (CRD #5287737, Registered Representative, St. Petersburg, Florida)

was barred from association with any FINRA member in any capacity. The sanction was based on findings that Lollar misappropriated funds from a bank where he worked as a branch manager.

FINRA's findings stated that without the bank’s permission or authority, Lollar transferred funds into customers’ accounts and labeled the transfers as refunds of bank fees. No bank fees had ever been assessed to the customers, and Lollar knew the customers we’re not entitled to any refunds. Through a series of several small transactions, Lollar misappropriated a total of $3,242.90 into customers’ accounts.

The FINRA findings also stated that Lollar admitted to the bank that he issued the false refunds and claimed that he did so to assist, or to curry favor with, certain customers. The bank obtained reimbursement through the liquidation of Lollar’s retirement fund.

The findings also included that other than Lollar providing FINRA with a photocopy of a written statement previously provided to the bank admitting to certain aspects of his misconduct, he did not respond to FINRA requests for information and failed to appear for a FINRA on-the-record interview.

(FINRA Case #2010024098101)
This ends the information from FINRA's website.

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