South Florida Arbitration & Litigation Lawyer Blog
Theft, Fraud and Misrepresentation FINRA Arbitration and Litigation Lawyer, Russell L. Forkey, Esq.
March, 2012:
Vladimir Khosid (CRD #5603183, Registered Representative, San Francisco, California) submitted an Offer of Settlement in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the allegations, Khosid consented to the described sanction and to the entry of findings that while an assistant branch manager at a banking affiliate of his member firm, he, without permission or authority, wrongfully processed bank wire transfers where funds totaling $98,847 were transferred from the account of a deceased bank customer to the account of Khosid’s co-conspirator. The findings stated that Khosid was compensated $25,000 by his co-conspirator for his role in the wrongful conversion of the customer’s funds. The findings also stated that during an interview with the bank’s investigator, Khosid admitted to participating in the wrongful conversion of the customer’s funds. Subsequently, Khosid admitted to FINRA his role in the wrongful conversion and that he accepted a wire transfer submitted to him by the co-conspirator that he knew was fraudulent, the customer was deceased, the proceeds were going into the co-conspirator’s account and that he received $25,000 as a result of his participation in the scheme. (FINRA Case #2010023570001).