FINRA fined and suspended Joshua Robert Jones, formerly of JP Morgan Securities' Santa Monica branch, for transferring funds from an outside account to his personal bank account and onto a check without sufficient funds to cover the debits. Investigators wrote that Jones knew or was reckless in not knowing that the original account did not have the funds to cover the transactions, an instance of check fraud known as check kiting wherein a person willfully writes a check without sufficient funds to cover it.
FINRA'S findings state that Jones (CRD #6154181) initiated two online transfers for $7,000 from his outside bank account to his Chase Bank account, knowing or recklessly not knowing that his original account didn't have the funds to cover the transfers. Jones then allegedly and immediately withdrew and wrote a check from his Chase Bank account, constituting unauthorized loans from Chase Bank and check-kiting.
Shortly thereafter, JP Morgan Chase Bank initiated Jones' termination for the violative transactions.
If you have invested with ex-JP Morgan broker Joshua Robert Jones or with any representative or financial adviser who has willfully transferred money out of or into your account without your permission, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.