Finra bars ex-Goldman Sachs banker after expense report issues

A former Goldman Sachs banker was barred by the Financial Industry Regulatory Authority Inc. yesterday after he failed to cooperate in an investigation.

Earlier, in 2019, Goldman had “discharged,” meaning fired, the banker, Jared Ailstock, after he faced allegations of inaccurate business expenses reimbursement reports, according to his Finra BrokerCheck profile.

Finra barred Ailstock for not appearing to testify in its investigation of the matter, according to the order. The industry self-regulator makes inquiries when a registered rep is terminated from a firm.

It was not clear what type of business expenses were in question when Ailstock was with Goldman, where he worked from 2015 through the end of 2019.

Regulators like Finra and large firms like Goldman Sachs are closely watching any potential fudging of brokers’ and advisers’ expense report submissions. Finra, for example, in November, sued a former Bank of America Merrill Lynch tech stock analyst who allegedly spent $21,000 at an adult entertainment establishment and charged it to his corporate credit card.

According to his BrokerCheck report, Ailstock was terminated from Goldman after he faced “allegations regarding inaccurate business expense reimbursement submissions for which the individual has agreed to work through a reimbursement plan.”

Ailstock, and his attorney, Adrian M. Ward, did not return calls to comment on Friday. A Goldman Sachs spokesperson also did not return a call to comment.

The post Finra bars ex-Goldman Sachs banker after expense report issues appeared first on InvestmentNews.