January 27, 2015-Oak Park, Illinois
Paul DeFilippis entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that in 2011 he became concerned about a 90 year old customer, with failing health and mental capabilities, who was withdrawing money to give to a younger woman who had a criminal record.
In order to help the elderly client conserve assets, DeFilippis set up a trust, closed the customer’s securities account, withdrew the money and transferred the customer funds into a new account. By causing the withdrawal of a bank customer’s funds and depositing them into an account in his own name, DeFilippis failed to observe high standards of commercial honor and just equitable principles of trade, in violation of FINRA Rule 2010.
DeFilippis was suspended by FINRA for two years and fined $5,000.
According to FINRA records, DeFilippis was registered with J.P. Morgan Securities from 10/2012-11/2013. Prior to that he was registered with Chase Investment Services.
Case # 2013039089201
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