FINRA barred John Douglas Wade of Buena Park, CA for converting more than $100,000 from two elderly clients at US Bancorp Investments, Inc., where Wade served as a broker from 2011 until his termination in February 2018 for "unsatisfactory job performance." Wade allegedly conducted unauthorized electronic transfers and arranged for another older customer to write checks, misrepresenting that the funds were to be invested in real estate investment trusts (REITs), when, instead, Wade used all of the funds for personal expenses.
Wade (CRD #4486552), who in 2012 filed for bankruptcy with the US Bankruptcy Court in Santa Ana, allegedly converted $105,712.18 from two elderly USBI customers from 2013 through 2017, electronically transferring nearly $50,000 from one customer's checking account without authorization, to Wade's own mortgage account, while arranging for his other senior citizen client to withdraw over $50,000 in funds from an investment account via third-party checks, adding an additional check for $7,000 written from the customer's checking account at a Bancorp affiliated bank.
The report states that the checks were purportedly to be invested in REITs, but instead of using the funds to invest in said REITs, Wade allegedly used funds from the checks to pay his own mortgage, comprising a total of $105,712.18 in elderly client funds that Wade converted and improperly used to pay his mortgage.
According to his BrokerCheck report, prior to joining the Fullerton branch of US Bancorp Investments, Wade was affiliated with Wells Fargo Advisors (Buena Park), Wells Fargo Investments (Brea), and Citicorp Investment Services (Anaheim).
If you have invested with former US Bancorp Investments, Inc. broker John Douglas Wade of Buena Park, California, or with any representative or financial adviser who has converted—through misrepresentation, misappropriation, or otherwise—your funds and then used your money for unauthorized purposes, such as to pay the broker's own personal expenses or purchases while leaving you at a financial loss, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.