On May 23, 2018, FINRA announced that it barred former securities broker Leona Lynn Parsons from associating with firms registered with FINRA. FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates securities brokers and brokerage firms.
In a Letter of Acceptance, Waiver and Consent (AWC), FINRA stated it barred Parsons because she declined to provide sworn testimony during FINRA’s investigation. FINRA was investigating Parsons because J.P. Morgan recently disclosed that it fired Parsons for impropriety with a customer’s funds.
On February 6, 2018, J.P. Morgan Chase Bank disclosed that it terminated Parsons because she assisted a “bank customer with several bank account withdrawals, and allegedly failed to provide the full amount of the withdrawal to the customer.” In the disclosure, J.P. Morgan also said some of the customer’s withdrawal slips were used without the customer’s signature.
Leona Lynn Parsons was a registered representative of J.P. Morgan Securities LLC from May 2013 through February 2018. She has not been registered with a brokerage firm since her termination.
Options to Recovery Losses
Brokerage firms have a duty to reasonably supervise their brokers to ensure they do not commit misconduct. Customers have the right to file claims against brokerage firms to pursue losses caused by a firm’s inadequate supervision.
If you believe Leona Lynn Parsons caused you losses that J.P. Morgan could have reasonably prevented, contact Marquardt Law Office LLC to receive a free phone consultation.
Marquardt Law Office LLC is a securities law firm that represents investors nationwide who have suffered losses due to misconduct such as fraud and negligence.