A former Wells Fargo financial advisor was permanently barred from the industry after he allegedly stole almost $89,000 from an elderly client who had authorized him to pay her rent and other expenses, according to FINRA.
FINRA officials said Jeffrey C. McClure wrote himself 36 checks totaling $88,850 from the clients bank account from December 2012 to August 2014 to pay for his own expenses.
According to FINRA BrokerCheck records, McClure was with Wells Fargo since 1997 and had no other customer complaints filed against him. He was fired by Wells in October.
In the FINRA disciplinary action document, McClure neither admitted nor denied the charges.
Wells Fargo officials declined to comment.
"FINRA has a zero tolerance policy for brokers who steal from their clients, especially those who are the most vulnerable, said Brad Bennett, FINRA Executive Vice President and Chief of Enforcement in a released statement. Rooting out this type of misconduct and removing these kinds of bad actors from the industry is a top priority."
According to his LinkedIn profile, McClure is now with an insurance marketing company in Chico, Calif. Calls left with his office and home were not returned.
McClure is the latest broker caught stealing from elderly clients. In October, a former advisor with Raymond James Financial Services was kicked out of the industry for life for allegedly stealing nearly $1 million from a 95-year-old client. And in September, a former registered rep with JP Morgan Securities in New York allegedly stole more than $11,000 from a bedridden bank customer who suffered from multiple sclerosis.
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