South Florida Arbitration & Litigation Lawyer Blog
Theft, Selling Away and Outside Business Activity FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq.
March, 2012:
John R. Montague (CRD #1466653, Registered Representative, Mantua, New Jersey) was barred from association with any FINRA member in any capacity and ordered to pay $163,000, plus interest, in restitution to customers. The sanctions were based on findings that Montague converted $163,000 in customer funds for his personal use. The findings stated that Montague recommended that customers invest in a private investment but did not invest the funds on the customers’ behalf; he instead deposited the funds into his own account for his personal use. The findings stated that Montague made payments to one customer totaling $1,125 from his personal checking account, but did not make any other payments to the customer or any other customer. The findings also stated that Montague failed to appear and testify at a FINRA on-the-record interview to answer questions in connection with its investigation of his misuse of customers’ funds. (FINRA Case #2009018858601)