(Reuters) - A former Wells Fargo Advisors broker in Chico, California, has been permanently barred from the industry for stealing almost $89,000 from an elderly customer, the U.S. securities industry’s principal regulator of brokers said on Monday.
The Financial Industry Regulatory Authority said Jeffrey C. McClure wrote 36 checks totaling $88,850 between December 2012 and August 2014, drawn on the Wells Fargo & Co. client’s affiliated bank account without her consent, and deposited them into his own account at a third-party bank.
The client had authorized McClure, who had worked as a Wells broker for seven years, to pay her rent and other expenses.
When there was not enough money in the customer’s checking account, McClure transferred funds from her savings account to cover checks for his personal expenses, FINRA said.
McClure didn’t admit or deny the charges, but consented to FINRA’s findings and the permanent bar.
Brandon Williams, McLure’s lawyer, said no civil or criminal charges have been filed against McClure. The FINRA settlement was signed on Dec. 16.
The Wells Fargo bank, which also employed McClure, compensated the customer for her losses, FINRA said.