FINRA has expelled another former bank rep for failing to cooperate with an investigation into alleged misconduct.
Bo Li, a former broker with J.P. Morgan Chase in Salt Lake City, refused to appear and provide the regulator with on-the-record testimony regarding transactions in his personal bank account. FINRA was investigating whether Li had structured transactions to avoid federal reporting requirements, according to a FINRA hearing panel's decision last week.
The regulator was looking into allegations that Bi tried to evade the filing of a currency transaction report, which must be filed by financial institutions for deposits, withdrawals and other transactions in currencies greater than $10,000.
FINRA did not provide details of the alleged structured transactions. He purportedly received 20 money grams totaling $10,000, which he initially deposited into his personal bank account and then transferred to the bank account of a family member's acquaintance, according to BrokerCheck records. He then allegedly transferred $9,000 of the original funds to a third account belonging to another family member's acquaintance.
Li could not be reached for comment. He has 25 days to appeal the hearing panel's decision to FINRA's National Adjudicatory Council, FINRA said.
Li worked for J.P. Morgan Chase from December 2010 until he was discharged in October 2014 for violating bank policy regarding personal finances, according to his BrokerCheck report. He also worked simultaneously for J.P. Morgan Securities, beginning in October 2012.
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Whitley Hood declined to provide on the record testimony regarding allegations that she misappropriated funds from an affiliated bank.
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The regulator is asking firms to provide details of their cross-selling programs, including incentives offered brokers and other employees.
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The adviser contended that not a single one of her clients from Schwab transferred their accounts over to J.P. Morgan.
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Michael Fusco, a spokesperson for Chase Wealth Management, declined to comment.
Li is the second former J.P. Morgan rep in less than a month to be barred for failing to cooperate with FINRA. Whitley Kiara Hood was banished in November for declining to provide on-the-record testimony regarding allegations that she misappropriated funds from a J.P. Morgan-affiliated bank.
Li and Hood join at least two other bank advisers barred this year for refusing FINRA's requests for information.
