South Florida Arbitration & Litigation Lawyer Blog
FINRA Fraud and Mismanagement Arbitration Attorney, Russell L. Forkey, Esq.
May, 2011
Reba Rose Cope (CRD #5056512, Associated Person, Crossnore, North Carolina) was barred from association with any FINRA member in any capacity. FINRA did not seek restitution because a bank reimbursed the customer for the amount Cope converted, plus interest. The sanction was based on findings that Cope converted customer funds. The findings stated that a customer of Cope’s member firm’s bank affiliate instructed her to use the proceeds from a maturing certificate of deposit (CD) to purchase new CDs in the names of different people. The findings also stated that Cope purchased one of the CDs, took the remaining proceeds of $9,878.89, converted them to a cashier’s check payable to the person for whom the CD should have been purchased, and later cashed the cashier’s check and kept the money for her personal use. The findings also included that Cope failed to respond to FINRA requests for information and documents. (FINRA Case #2009020243101).
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