Jonathan Francis—Unauthorized Withdrawal of Customer Funds Charges

stockbroker fraud attorneyJonathan A. Francis Allegedly Withdrew Approximately $210,000 of Customer Funds Without Authorization

Jonathan A. Francis allegedly issued eight ATM cards for the accounts of seven bank customers without the customers’ knowledge and for the reported purpose of assisting in the conversion of approximately $210,000 in cash from those customers’ accounts, according to a recent Complaint filed by FINRA’s Department of Enforcement.

The Complaint goes on to allege that Francis, who was terminated by J.P. Morgan on October 11, 2013 only a year after he was originally hired by the firm, was “under internal review for issuing ATM cards on bank customers accounts and withdrawing funds without their knowledge or consent.”

Jonathan A. Francis Allegedly Withdrew Funds from Seven Customers, Six of Whom Were Dead Souls, Barred by FINRA

Between August 2012, and August 2013, Francis allegedly issued seven ATM cards in the accounts of six dead customers and a card for the account of customer known only as B, and thus abused his position at Chase, J. P. Morgan, and the affiliated banks, the Complaint alleges.

Francis allegedly knew that the issuance of the ATM cards was part of an overall scheme to convert funds from Bank customers, and that said activity was illegal, the Complaint notes.

Finally, the Complaint alleges that by issuing ATM cards without authorization as part of a scheme to convert bank customer funds, Francis allegedly engaged in business related unethical conduct and therefore violated FINRA Rules. As a result FINRA has barred Francis from associating with any FINRA member firm in any capacity.

The Peiffer Rosca Wolf Investor Rights Lawyers Often Represent Investors

The Peiffer Rosca Wolf investor rights lawyers often represent investors who lose money as a result of investment misconduct. 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 investor 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.

Alan Rosca (1200 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.