The Financial Industry Regulatory Authority Inc. has barred David Austin, a former broker with J.P. Morgan, for misappropriating $144,000 from three customers.
Austin, who was fired by the bank in May, forged withdrawal slips for three bank customers, two of whom were over 90 years old, and made unauthorized cash withdrawals from their accounts, which he kept for his personal use.
He also transferred funds from the joint bank account of two of these customers to his personal bank account without authorization. The thefts took place from January 2019 through March 2020.
Austin had worked for the bank in Grand Rapids, Mich., since 2016.