Finra bars broker accused of taking client cash to gamble, pay medical bills

The broker allegedly deposited $270,000 of client money into his own personal bank account

Oct 19, 2018 @ 2:37 pm

By Bruce Kelly

Finra has barred a broker who allegedly took $270,000 in client money and used it to gamble and pay for medical bills.

The broker, Chris R. Kubiak, deposited the funds of four clients, three of whom were senior citizens, into his own personal bank account, between June 2015 and August of this year, according to the Financial Industry Regulatory Authority Inc. He then drew down those funds to gamble and to pay personal medical bills, Finra said.

Mr. Kubiak, who could not be reached for comment, agreed to Finra's disciplinary action without admitting or denying Finra's findings.

A broker for 32 years, Mr. Kubiak was registered with two broker-dealers during the time he allegedly took the clients' money: Freedom Investors Corp., which is defunct, and Calton & Associates.

According to his BrokerCheck profile, Mr. Kubiak was fired last month by Calton after being arrested and charged with felony theft by fraud. He has only been charged at this time and has not entered a plea, according to the profile. A spokesman for the Franklin Police Department of Franklin, Wisc., did not return a call for comment.


What do you think?

View comments

Recommended next


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print