FINRA ejected three more bank reps from the industry.
Michael S. Warner, a former registered rep with JP Morgan Securities in New York, allegedly stole more than $11,000 from a bedridden bank customer who suffered from multiple sclerosis. According to a settlement FINRA made public this month, Warner obtained access to the customer's personal checking account, purportedly to assist the customer with paying bills. FINRA claims that Warner used this access to pay both his customer's as well as his own personal credit card and cable bills totaling $11,134.
Warner could not be reached for comment. An email sent to him via BrightScope Advisor Pages, an online directory of financial advisors, was not returned.
Warner, who worked as private client banker at JP Morgan Chase Bank, resigned voluntarily from the bank in June when the alleged misconduct was discovered, according to BrokerCheck.
The other two reps booted by FINRA were also registered with JP Morgan Securities and employed by JP Morgan Chase Bank. Michael Evan Mannasse, who worked in New York, allegedly filed 13 false fraud claims regarding unauthorized transactions on his personal debit card, which resulted in Chase Bank crediting $4,325.42 back to his bank account. Mannasse was dismissed from JP Morgan Chase Bank in March of 2014 after admitting to filing the false claims, according to BrokerCheck.
The other registered rep, Xiao Yun Yu, allegedly took three blank postal money orders that she found in her JP Morgan Chase Bank branch office in Brooklyn. According to FINRA, Yu left the money orders, which totaled $1,275, on a table in a secure employee space for the first night and then locked them in her desk drawer for safe-keeping after that. When no one claimed them, she donated two money orders totaling $275 to charity and used the remaining $1,000 on personal expenses, FINRA said. She was dismissed from the bank in September of 2012.
Mannasse and Yu could not be reached for comment. Mannasse did not respond to an email sent to him via BrightScope Advisor Pages, and Yu's attorney, Adam Nicolazzo of Malecki Law, had no further comment beyond what was in FINRA's filing.
In their settlements with FINRA, Warner, Mannasse and Yu neither admitted nor denied the charges but consented to an entry of the regulator's findings. Darin Oduyoye, a spokesperson for JP Morgan Securities, declined to comment on their expulsion from the industry.
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