FINRA barred a former bank advisor from the industry for attempting to swindle customers.
Christopher Somes Babcock, a former registered representative first with Citigroup Global Markets and later Morgan Stanley Smith Barney, allegedly took approximately $160,000 his customers sent him for investment purposes and used it for his own use and benefit. According to FINRA, Babcock instructed customers to wire money from their Citigroup or Morgan Stanley accounts to their personal bank accounts and to then either wire him money or send him a check. In some instances, he allegedly deposited the funds in his personal brokerage account or a third partys personal brokerage account.
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