Securities Lawyers Blog
Broker James Arnold Busch (“Busch”) was barred from the broker industry by The Financial Industry Regulatory Authority (FINRA) over allegations that Busch engaged in securities fraud by misappropriating customer funds from approximately 8 different clients’ bank accounts. FINRA alleged that most of Busch’s victims were elderly women.
In 1989, Busch first became registered with FINRA as a Series 6 (Investment Company Products/Variable Contracts Limited Representative). In 1992, Busch became licensed as a Series 7 (General Securities Representative). In 2000, Busch became registered with Wells Fargo Advisors, LLC (“Wells Fargo”) where Busch remained working out of various Georgia branch office locations until his termination in October 2013.
FINRA alleged that Busch worked in various branch offices of Wells Fargo that were also located in the firm’s affiliated bank. Many of Busch’s customers had both Wells Fargo brokerage accounts and Wells Fargo bank accounts. FINRA found that Busch had access to his customers’ bank account information through his relationship to the customers’ brokerage account. From 2006 to 2013, Busch used his customers’ bank account information to misappropriate approximately $1.3 million from approximately eight of his Wells Fargo brokerage customers. FINRA alleged that Busch took advantage of mostly elderly women.