Santa will be bringing lumps of coal this year for broker Jeffrey C. McClure, now that the Financial Industry Regulatory Authority barred him permanently from the securities industry after he paid his own expenses, not his elderly client's, with nearly $89,000 of the client's money.
According to FINRA, while McClure was working for Wells Fargo Advisors, and an affiliated bank in Chico, California, he gained access to the checks for the elderly client's affiliated bank account because she had authorized him to pay her rent and other expenses as agreed.
Instead, the agency said, from December 2012 to August 2014, McClure wrote himself 36 checks totaling $88,850, all drawn on the customer's affiliated bank account — without her knowledge or consent. He deposited the checks into his personal bank account and then used the funds for his personal expenses.
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