FINRA Arbitration Fraud, Theft and Mismanagement Attorney, Russell L. Forkey, Esq.

January, 2011:

Chad R. Duncan (CRD #4119031, Registered Principal, Hermitage, Pennsylvania, formerly licensed with LPL Financial Corporation and Invest Financial Corporation) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Duncan consented to the described sanctions and to the entry of findings that without permission or authority, he used $100,000 drawn from an elderly person’s bank account to pay his personal credit card expenses, which were related to costs associated with the construction of his home. The findings stated that when the executor of the deceased person’s estate became concerned about the withdrawals totaling $100,000, Duncan created fictitious cashier’s checks totaling $100,000 and payable to charities, falsely representing that the checks represented evidence of the payments made by the deceased and the beneficiaries of the payments. The findings also stated that the withdrawals were earlier used to purchase cashier’s checks payable to an international commercial bank to pay down Duncan’s credit card expenses. The findings also included that a bank compensated the customer for the wrongfully taken funds, and Duncan has reimbursed the bank approximately $91,484.75 and continues to make monthly payments to cover the amounts the bank paid to the customer.  (FINRA Case #2009017755101)