Fifth Third Stockbroker Kicked Out of Securities Industry

FINRA has barred Fifth Third Securities stockbroker Janet Louise Frakes from working for any FINRA brokerage firm after finding that Frakes stole more than $116,000 from elderly customers' accounts at Fifth Third Bank from October 2011 through June 2012. FINRA accused Frakes of using fake withdrawal slips and falsely claiming to have power of attorney over the customers' accounts. DKR again reminds investors to carefully review their bank and brokerage account statements for any suspicious activity. While the failure to review account statements does not justify a broker's theft of your funds, such review can help ferret out stockbroker misconduct. If any other customers of Frakes believe that funds are missing from their Fifth Third accounts, they should immediately address the situation.

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