FINRA barred former Waddell & Reed Inc. broker Gregory Bauer from the securities industry for making over $400,000 in unauthorized withdrawals from his parents’ accounts.
Bauer, was registered with Waddell & Reed from 2004 to 2013. According to the settlement, for numerous years at the firm, Bauer was the registered representative serving his parents accounts. His parents were identified as WB and CB in the FINRA document. Without notifying them or getting their permission, Bauer forged their signatures on withdrawal request forms he submitted, according to the settlement.
“Several of the forged withdrawal requests caused securities to be sold from his parents’ accounts and caused checks to be issued to WB and CB,” according to the settlement. “Bauer, however, intercepted the checks that had been mailed to his parents’ home, deposited the checks into his personal bank account, and used the funds for his personal expenses without permission.”
After leaving Waddell & Reed, Gregory Bauer joined another securities firm, from which he was fired at the end of September, according to the settlement. By engaging in these actions, he violated various Securities and Exchange Commission and FINRA rules, said the document.If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.