The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.
All stockbrokers and broker dealers (brokerage firms) are required to be licensed by and subject to the rules and regulations of FINRA. Each month FINRA publishes disciplinary actions against brokers and broker dealers. Discipline can range from monetary fines and suspensions, or in extreme cases, revocation of licensing and a bar from the securities industry.
See the FINRA website for current and historical disciplinary actions.
Melanie Moody Fordham (CRD #4469670, Registered Representative, Birmingham, Alabama) submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Fordham consented to the described sanction and to the entry of findings that on several occasions, Fordham converted funds from the account of a deceased banking customer, totaling approximately $49,821. The finding stated that Fordham withdrew cash from the customer’s account and purchased cashier’s checks, which she then deposited into her personal bank account or made payable to other individuals or entities for her personal benefit. Fordham attempted to misappropriate $5,000 from another banking customer but was prevented from depositing the cashier’s checks into her personal account by one of the bank tellers. The findings also stated that Fordham was arrested and charged with this misconduct and she pled guilty to the Class B felony of theft of property in the 1st degree. ( FINRA Case #2013036366701)
According to FINRA records Fordham was registered with the following firms:
Wells Fargo Advisors, LLC
Northwestern Mutual Investment Services, LLC
561 391 1900