Department of Predictable Outcomes on the Justice League Blog says this is not a surprise by the actions of JP Morgan and other big banks since the banks are still Too Big To Comply, Too Big To Regulate, and Too Big to Manage. FINRA stands for Financial Industry Regulatory Authority which regulates for all securities firms.
FINRA ejected a former J.P. Morgan Securities registered rep from the industry this month for allegedly forging a customer’s signature on bank withdrawal slips, a move that allowed the customer’s sister to steal $3,900 from the customer’s account.
According to FINRA’s filing, Jamal Romero forged the bank customer’s signature on at least three occasions between February and April of 2012. As a result of the forgeries, the customer’s sister was able to misappropriate the money, FINRA said.
Romero was dismissed from J,P. Morgan Chase Bank, where he was employed as a personal banker, in September of 2013. According to BrokerCheck, Romero admitted to “allowing [an] unauthorized third party to be added to a bank customer’s account, which allowed the third party to make unauthorized withdrawals.”