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Former Securities America Advisor Charged with Misappropriating $260,000

Posted on November 8th, 2022 at 1:20 PM
Former Securities America Advisor Charged with Misappropriating $260,000

From the Desk of Jim Eccleston at ÍøÆØ³Ô¹Ï.

The Financial Industry Regulatory Authority (FINRA) has barred a former Securities America advisor who allegedly misappropriated $260,000 from clients.

The former Securities America advisor, Jaime ÍøÆØ³Ô¹Ïstenbarger, additionally has been charged with seven criminal felony counts, including one court of conducting a criminal enterprise, three counts of embezzlement, and three counts of using computers to commit a crime. Each of the crimes occurred in 2018, according to the website for Kent County’s 63rd District Court in Grand Rapids, Michigan.

According to sources, ÍøÆØ³Ô¹Ïstenbarger used the misappropriated funds to “pay off credit cards, gamble at various casinos in Michigan, Las Vegas and New Orleans, as well as buy items for himself and his girlfriend.” ÍøÆØ³Ô¹Ïstenbarger spent time with six FINRA-registered firms since joining the industry in 2003, including Securities America, which he joined in May 2016, according to BrokerCheck.

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, advisors, law

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