Finra bars rep for scamming Fidelity on computer purchases

Finra bars rep for scamming Fidelity on computer purchases
Kitwana Thomas took advantage of employee-reimbursement program.
FEB 08, 2019

The Financial Industry Regulatory Authority Inc. has barred Kitwana Thomas, a former employee of Fidelity Brokerage Services, for violating rules for commercial standards by cheating the company out of $3,700 through an employee reimbursement program. Finra said that Mr. Thomas, who resigned from Fidelity in 2017 after almost five years with the firm, had devised a scheme in which he submitted purchase receipts for computer equipment using the other employees' online accounts, and then cancelled the orders or returned the equipment. The employees then paid to Thomas a total of $3,700 of the reimbursements they received. (More:​ Finra punishes former Schwab broker for lying about role in $800,000 phishing scam The scheme was intended to game a Fidelity-sponsored a program through which the company reimbursed employees for personal computer equipment purchases. Mr. Thomas already obtained the maximum reimbursement allotted to a Fidelity employee under the program before engaging in the deception. Mr. Thomas worked at the firm's Jacksonville, Fla., call center.

Latest News

No succession plan? No worries. Just practice in place
No succession plan? No worries. Just practice in place

While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.

Research highlights growing need for personalized retirement solutions as investors age
Research highlights growing need for personalized retirement solutions as investors age

New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.

Advisor moves: RIA Farther hails Q2 recruiting record, Raymond James nabs $300M team from Edward Jones
Advisor moves: RIA Farther hails Q2 recruiting record, Raymond James nabs $300M team from Edward Jones

With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.

Insured Retirement Institute urges Labor Department to retain annuity safe harbor
Insured Retirement Institute urges Labor Department to retain annuity safe harbor

A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.

LPL Financial sticking to its guns with retaining 90% of Commonwealth's financial advisors
LPL Financial sticking to its guns with retaining 90% of Commonwealth's financial advisors

"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.