The bank advisory industry has rid itself of two bad apples.

Nicholas Kramer, an ex-Wells Fargo advisor, and Louis James Deeley, a former J.P. Morgan registered rep, were kicked out of the industry by FINRA for alleged financial wrongdoing, according to recent FINRA filings.

Kramer purportedly concocted a scheme to swindle money from Wells Fargo Bank.  According to FINRA, he created fictitious identities and used them to open savings, checking and linked credit accounts through the bank. He then allegedly took cash advances of $250 on each credit card, transferred the funds to the fake savings and/or checking accounts and withdrew the cash, using the money for his own personal use. In total, he swiped $15,750 from the bank between July of 2013 and October of 2014, FINRA said.

Kramer, who worked for both Wells Fargo Bank and Wells Fargo Advisors in Glendora, Calif., was discharged from Wells Fargo in January, according to his BrokerCheck report.

Deeley, the other disgraced rep, worked at J.P. Morgan Chase Bank in California. He allegedly stole $24,014 from a Chase bank customer account over a six-month period.  According to FINRA, on eight occasions between June and November of 2014, Deeley submitted withdrawals slips containing a signature that appeared to be that of a customer to a Chase teller and instructed the teller to allocate part of the withdrawal amount to cashier's checks with the remaining amount to be given to Deeley in cash.  He then purportedly deposited the cashier's checks into the customer's brokerage account but retained the cash, which he used for his own personal use and benefit, FINRA said. 

Deeley was dismissed from J.P. Morgan Chase Bank in November of 2014 due to "multiple complaints in a short time frame, including allegations that he failed to follow purchase trade instructions, which resulted in a loss to the firm," according to his BrokerCheck report.  

In January, following the termination of Deeley's registration with J.P. Morgan Securities, the firm filed an amended form disclosing an internal investigation concerning new allegations that Deeley made unauthorized withdrawals from a firm customer's account at J.P. Morgan Chase Bank, FINRA aid.

Neither Deeley nor Kramer responded to an email sent to them via BrightScope Advisor Pages, an online directory for financial adivsors. They could not otherwise be reached for comment. In their settlements with FINRA, they neither admitted nor denied the charges but consented to an entry of FINRA's findings.

Deeley's attorney, Jeremy Bartell of Bartell Law in Washington, D.C., did not return voice and email messages seeking comment on his client's ouster from the industry.  Michael Fusco, a spokesperson for Chase Wealth Management, declined to comment on Deeley. 

Anthony Mattera, a spokesperson for Wells Fargo Advisors, had no comment on Kramer. 

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