Former U.S. Bancorp Investments broker John Douglas Wade of Buena Park, California, has been kicked out of the securities industry by the Financial Industry Regulatory Authority Inc. (FINRA). Wade converted more than $200,000 from clients’ accounts for his own use, a direct violation of FINRA rules.
Bancorp Rep John Douglas Wade Converted Investor Funds
According to FINRA, Wade took more than $105,000 from two elderly USBI customers from February 2013 through July 2017. During the same period, he also took $47,570.47 without authorization from a customer’s checking account at an affiliated bank, transferring the money to his own mortgage account. He also used $51,141.7 in customer funds to pay his own mortgage and wrote a check for $7,000 to invest in real estate investment trusts.
Conversion is the illegal practice of an intentional and unauthorized taking of and/or exercise of ownership over property by one who neither owns the property nor is entitled to possess it. Conversion as a practice violates FINRA rules and typically results in regulatory action. Some would simply refer to Wade’s conducted as old-fashioned theft.
Broker Discharged from Brokerage Firm
U.S. Bancorp fired Wade in February 2018 for "unsatisfactory job performance." A few months after, the firm filed an amended Form U5, noting that an internal review was being conducted as a result of findings that Wade "allegedly misappropriated client funds."
Did You Lose Money with U.S. Bancorp Broker John Douglas Wade?
If you lost money investing with U.S. Bancorp or Broker John Douglas Wade or think you may be a victim of stockbroker misconduct, contact an experienced investment fraud attorney to review your rights and options.
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Dimond Kaplan & Rothstein, P.A. represents individual investors who have lost money as a result of investment fraud or stockbroker misconduct throughout the United States in investment fraud disputes and arbitration cases from our offices in Los Angeles for clients throughout California, including Hollywood, West Hollywood, Bel-Air, Venice, Pasadena, Brentwood, Malibu and beyond.
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