Barry Milinovich Accused of Making Unauthorized Withdrawals from Customer’s Savings Account

Barry Milinovich made unauthorized withdrawals of funds from a customer’s savings account, according to a complaint filed by the Financial Industry Regulatory Authority’s Department of Enforcement.

Milinovich, while registered with PNC Investments, made three separate unauthorized withdrawals from a customer’s savings account totaling $10,100, according to the complaint.

Milinovich opened a new account for the customer and closed the old account after the customer raised concerns about the balance in her account, according to the complaint. Milinovich then attempted to assuage the customer’s concerns by pretending to deposit $10,100 into her account, according to the Department of Enforcement.

Milinovich actually closed out the certificate of deposit owned by a second customer, opened a new account for the second customer, and deposited the proceeds of the certificate of deposit into that new account, according to the complaint. Milinovich then showed the deposit slip to the first customer, falsely telling her that the money had been deposited into her account.

The Peiffer Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.

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