Corrine Mittag, formerly a broker with BancWest Investment Services, is looking at sanctions from FINRA for allegedly wiring $34,000 from a client’s account without approval and as requested by a fraudulent email, according to the regulator. FINRA ordered that at least one sanction be levied against Mittag, who is now with COR Clearing.
In January 2015, Mittag allegedly got an email asking that she sell securities in a client’s account. The sales were to generate cash to pay for a wire request to another party in the U.K., according to a Disciplinary Proceeding. Mittag claimed she was the victim of a phishing scheme, her BrokerCheck Report shows.
Violating her company’s policies that forbade trade requests received via email and which mandated wire requests by confirmed by phone, Mittag never received the appropriate authorization from the client for the sales or approval from the firm.
FINRA further claims Corrine Mittag, who has been a registered representative since 1996, misled BancWest, saying she had spoken to the customer, who approved the transfer. In February 2015, the client contacted the firm when the lowered account balance was detected. BancWest soon terminated her employment with the firm.
Securities firms have policies and procedures in place for a reason: to protect their clients. When brokers failed to comply with these policies and procedures, it can potentially have catastrophic effects on their clients. The Frankowski Firm has years of experience representing investors who have lost money as the result of brokers’ schemes. If you or someone you know has lost money as a result of such a scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.