A former J.P. Morgan rep was suspended from the industry this week for allegedly failing to disclose her business involvement with a kitchen-cabinet installation company in Florida.
Cinthia Elizabeth Marquez served the company as corporate secretary and director, a no-no given that her business relationship had not been approved by J.P. Morgan Chase Bank as required by industry rules, FINRA said in a filing.
Marquez worked as a business banker for J.P. Morgan Chase Bank in North Miami Beach, Fla., from June 2005 to February 2015, FINRA said.
Marquez allegedly lied to J.P. Morgan, falsely stating in an annual compliance questionnaire that she was not involved in any outside business activities. In fact, she served as corporate secretary and director for the kitchen-cabinet company from September 2013 to January 2015, FINRA claimed.
As corporate secretary and director, she assisted with opening a bank account and writing checks for the company and assisting with its dissolution and the winding-up of affairs, FINRA said. The company was formed to build and install kitchen cabinets in a number of new residential developments in Florida.
Marquez was also allegedly a 50% partner in a private trucking company, which she also failed to disclose to J.P. Morgan in its annual compliance questionnaire, according to FINRA's filing.
FINRA forbids registered reps from engaging in outside business activity unless it is approved by their employers. J.P. Morgan's written policies and procedures expressly prohibited this behavior, FINRA said.
Marquez was discharged from J.P. Morgan in February 2015 for having another bank employee add her name as a secondary signer to a business account without authorization from the primary account signer, according to her BrokerCheck report. This allowed her to transfer funds from the business bank account to her personal bank account without authorization, the report said.
In addition to a three-month suspension, Marquez was fined $5,000.
In her settlement with FINRA, Marquez neither admitted nor denied the charges, but consented to an entry of FINRA's finding. She could not be reached for comment.
Mike Fusco, a spokesperson for Chase Wealth Management, declined to comment on the matter.
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