FINRA has barred a former U.S. Bank broker for allegedly stealing more than $105,000 from two elderly customers.

John Douglas Wade, a broker with U.S. Bancorp Investments in Fullerton, California, converted the funds to pay his mortgage, the regulator claimed in its settlement with the registered rep.

In one instance, Wade transferred $47,570 from one customer’s checking account to his own mortgage account without the customer’s authorization, FINRA said. He also allegedly had another elderly customer withdraw a total of $51,142 from his brokerage account via third-party checks and had him write a $7,000 check against his U.S. Bank checking account, ostensibly to invest in REITs but instead used the checks to pay his mortgage.

The alleged misconduct occurred from February 2013 through July 2017, according to FINRA.

Wade could not be reached for comment. He agreed to the bar without admitting or denying the allegations against him.

Wade worked for U.S. Bancorp Investments from May 2011 to February 2018, BrokerCheck records show. After being discharged in February for unsatisfactory job performance, U.S. Bank filed an amended Form U-5 notifying FINRA that it was conducting an interview review following allegations that Wade misappropriated client funds, according to FINRA.

“We take these matters seriously, conducted a thorough review of the details, and took appropriate action,” Jeni Jonett, a spokeswoman for U.S. Bank, said in a statement.

Wade joins at least 10 other bank reps barred from the industry this year. Jeffrey Palish, a former Wells Fargo advisor, for example, was barred by FINRA in February following his arrest in Paramus, New Jersey, for allegedly stealing nearly $1 million from two elderly clients.