FINRA Kicks Broker Out of Industry for Stealing from Elderly Client

FINRA has barred a Wells Fargo Advisors stockbroker from the securities industry for stealing money from an elderly client. FINRA alleged that broker Jeffrey C. McClure, who worked from a Wells Fargo office in Chico, California, used his elderly client’s blank checks to steal almost $89,000 from the client's bank account between December 2012 and August 2014. The client had given McClure access to the checks to pay some of the client’s own bills. Stealing from a client, especially an elderly client, is among the most heinous forms of stockbroker misconduct.
While Wells Fargo repaid the client, many elderly investors do not have someone independently overseeing their business dealings with a broker. And because the elderly are among the most vulnerable of investors, there may be many instances where a broker’s theft from customer accounts goes unnoticed. Importantly, FINRA and state securities regulators has stated that policing elder financial abuse as among its priorities this coming year.
Financial abuse of the elderly can occur in many forms, including theft, misrepresentations of risky, high-commission securities, and churning. If you or a loved one has been abused by a stockbroker, contact our FINRA arbitration lawyers for a free consultation. We are available for appointments in our offices in Los Angeles, Miami, West Palm Beach, and New York.