The Frankowski Firm is investigating potential claims against U.S. Bancorp Investments, Inc. former broker John Douglas Wade, of Fullerton, California, following FINRA’s decision earlier this month to permanently bar Mr. Wade from the securities industry.
According to FINRA’s Acceptance and Consent findings against Mr. Wade, between February 2013 and July 2017, Mr. Wade converted (wrongfully took for his own benefit) funds totaling almost $106,000 from two of his elderly clients. The converted funds included approximately $48,000 that Mr. Wade took from a customer’s checking account via an unauthorized transfer to his own mortgage account. Likewise, Mr. Wade had another customer write checks totaling over $58,000 which Mr. Wade represented would go towards REIT investments. Instead, Mr. Wade used the checks to pay his own mortgage.
A review of Mr. Wade’s FINRA BrokerCheck report indicates that he filed for bankruptcy in 2012, which perhaps is indicative of a financial desperation motive that would lead him to swindle funds from elderly clients.
If you or someone you know lost money as a client of John Douglas Wade or U.S. Bancorp Investments, Inc. due to unsuitable, misrepresented, or unauthorized transactions, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.