H. Beck’s George Hoffman Allegedly Submitted Falsified Letters, Converted Customer’s Funds; Barred by FINRA

investment fraud attorneyGeorge Wayne Hoffman, of Maryland, and formerly a stockbroker for H. Beck, Inc., allegedly converted $17,000 from an elderly customer, falsified letters of authorization submitted in connection with the conversion, borrowed funds from customers without obtaining prior approval from H. Beck, Inc. and failed to provide information and testimony in connection with a related FINRA investigation, according to a Complaint filed by FINRA’s Department of Enforcement.

The Complaint further alleges that Hoffman, on March 24, 2011, while employed at H. Beck, Inc., withdrew $8,500 from one of his customers’ accounts and transferred $8,500 to his landlord, who then kept $2,187 of it for Hoffman’s rent and transferred the rest back to Hoffman’s personal banking account, according to the FINRA Complaint.

Then, on March 28, 2011, Hoffman transferred yet another $8,500 from his customer’s account into his landlord’s bank account and the two repeated the charade once again: putting money from the landlord’s account into Hoffman’s personal account.

The laundry list continues, as the FINRA Complaint further alleges that, in June of 2012, George Hoffman took another $36,000 from a client’s account, transferred it to a third party, and claimed it was a loan from the customer.

Said customer later filed a complaint with FINRA, and Hoffman settled for $53,000.

Finally, Hoffman created two false letters of authorization which allowed him to transfer these funds from his customers’ accounts into his personal accounts, according to the FINRA Complaint.

As a result of Hoffman’s actions, the FINRA Complaint reports that he violated several FINRA Rules, and, consequently, has been barred by FINRA from associating with any member firm in any capacity.

Investment Rights Lawyers Investigating

The Peiffer Rosca Wolf investment rights lawyers often represent investors who lose money as a result of investment misconduct, and are assisting any victims with the recovery of losses they may have suffered. 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 misconduct may contact the investment rights lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Broker: George Wayne Hoffman

Status: INVESTIGATED by Peiffer Rosca.

For brokercheck report and additional info click here!

 

Alan Rosca (1225 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.