Finra bars former Merrill Lynch rep over falsified daycare expenses

Elizabeth Garcia was reimbursed for $9,015 she hadn't spent

Feb 11, 2019 @ 11:40 am

By InvestmentNews

The Financial Industry Regulatory Authority Inc. has barred Elizabeth Garcia from the securities industry for receiving $9,015 in reimbursement from her employer, a bank affiliated with Merrill Lynch, for childcare expenses she did not incur.

The reimbursements took place in 2016 and Ms. Garcia resigned on Feb. 28, 2017. She is no longer employed in the securities industry.

In order to obtain reimbursement, according to a Finra letter of acceptance, waiver and consent, Ms. Garcia intentionally misrepresented to her employer that she had paid a daycare facility for childcare services and also fabricated receipts and other documents purporting to be from the daycare facility.

(More:Finra bars rep fired by Merrill Lynch over improper fund sales)

Finra said Ms. Garcia's action constituted a violation of its rules of honorable conduct.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

How to build a more efficient practice

Efficiency is the key to real growth for advisers. But achieving efficiency can be a real challenge. Carly de Diego of AdvisorEngine offers some tips for successfully building a more efficient practice.

Video Spotlight

We started as a boutique firm with huge ambitions. Schwab was a perfect fit.

Sponsored by Schwab Advisor Services

Recommended Video

Keys to a successful deal

Latest news & opinion

Robert Moore, Cetera CEO, stepping down for health reasons

Chairman Ben Brigeman will serve as interim chief executive while a search for a permanent CEO is conducted.

The AMT is no longer a problem for many clients

With income thresholds higher and a lower SALT deduction after tax reform, the AMT will realistically only apply to wealthy Americans with out-of-the-ordinary tax events.

Cetera, other broker-dealers refuse to sign Ohio National contracts

Advisers wonder what the lack of a formal brokerage agreement means from a regulatory standpoint.

10 millennials making their mark in Washington — and beyond

These next-generation leaders are raising their voices and gaining influence over financial advice regulation and legislation.

Warburg Pincus among private equity managers interested in acquiring Kestra Financial

Sources say Kestra is being valued at between $600 million and $800 million, about eight to 10 times EBITDA.

X

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 investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

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

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print