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.


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