The Financial Industry Regulatory Authority has re-affirmed its decision to bar a former broker over misconduct involving the filing of expense reports, according to AdvisorHub.
FINRA’s National Adjudicatory Council (NAC) issued its ruling in the case of Nancy K. Mellon of Tampa, Florida, who worked for Wells Fargo Advisors until 2016. She was barred from the industry in 2019 after it was determined that she had filed for $4,300 in expenses for VIP tickets to the Outback Bowl college football game though she had not yet actually paid for the tickets. Her filing represented an extra $500 as the tickets only cost $3,800.
It was determined that Mellon used the reimbursement received from Wells Fargo to pay for personal expenses and did not actually pay for the tickets until nearly a year later. FINRA said Mellon had not been initially forthcoming in providing evidence about the case and sought to blame an assistant for the false filing.
Mellon appealed the bar and asked that it be overturned, saying that she was remorseful and did nothing intentional. But the NAC denied the appeal, calling the case “egregious” and saying Mellon remained a risk to the investing public. The council also upheld a charge of $4,600 for the cost of the disciplinary hearings.
Mellon, who joined Wells Fargo in 2012, was discharged by the firm in 2016 over the expense report incident.
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