Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker David Austin (Austin), previously associated with J.P. Morgan Securities LLC, has at least one disclosable event. These events include one tax lien, alleging that Austin recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on December 16, 2024.
The Securities and Exchange Commission (“Commission”) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against David Harry-Nelson Austin (“Austin” or “Respondent”). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. The Commission finds that on October 11, 2021, Austin pleaded guilty to one count of Embezzlement – From a Vulnerable Adult – $100,000 or More, a felony, in violation of Mich. Comp. Laws Ann. \\u00a7 750.174a(7)(a), and to one count of Attempted Embezzlement – Financial Institutions, a felony, in violation of Mich. Comp. Laws Ann. \\u00a7 750.180, before the 17th Circuit Court of the State of Michigan, in Michigan v. David Harry-Nelson Austin, Case No. 20-05796-FH. On February 7, 2022, a judgment in the criminal case was entered against Austin. Austin was sentenced to a jail term of 12 months followed by three years of probation and ordered to make restitution in the amount of $143,925.60. The counts of the criminal information to which Austin pleaded guilty alleged, inter alia, that Austin, through fraud or deceit, obtained the money or property of a client having a value of $100,000 or more, directly or indirectly benefitting himself, while knowing or having reason to know that the client was a vulnerable adult; and that Austin, as an agent of J.P. Morgan, attempted to make an unauthorized false entry in a book, report, or statement of the institution with the intent to defraud or deceive.
