A former broker for JP Morgan Chase has been penalized after it was determined that he had taken the private information of customers, according to AdvisorHub.
The Financial Industry Regulatory Authority fined Dale L. Self $5,000 and suspended him for 15 days over allegations he took information on over 200 customers during the time he was leaving JP Morgan in November 2022.
According to FINRA’s letter of acceptance, waiver and consent, Self wrote customer information, including dates of birth, Social Security numbers and account numbers, in a notebook. He then shared the notebook with the registered investment advisory firm he was going to be joining, Denver-based Maia Wealth, in order to prepare account transfer forms and populate customer relationship software. He retained the customer information without JP Morgan’s or the customers’ consent and in contravention of the firm’s procedures, FINRA said. Self returned the notebook to JP Morgan in February 2023 at the request of the firm.
He was found to be in violation of FINRA Rule 2010, which states that a member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.
Self did not admit or deny the allegations but consented to the penalties and said he had agreed to corrective action, including retaining a third-party forensic expert to examine his devices and online accounts to ensure that there were no digital copies of the handwritten notes created or retained. Furthermore, he underwent training on handling customer information and pledged to maintain the highest standards of data privacy.
Neither Self nor his lawyer returned a request for comment, AdvisorHub said.
At Lewitas Hyman, we represent clients nationwide who are the victims of unauthorized trading, breaches of fiduciary duty and other forms of financial adviser misconduct and securities fraud. Our team of lawyers brings a diverse range of knowledge and experiences to our clients’ cases. If your financial adviser made trades without your consent, you may be able to pursue a lawsuit to recoup your losses. We’ll help you understand your rights and options. Contact us at (888) 655 6002 or email our team to learn more.
