Late last week, Financial Industry Regulatory Authority (FINRA) barred Elizabeth Marie Garcia (CRD # 6385917) from the financial industry. In a letter of acceptance, waiver, and consent the former Merrill Lynch broker accepted the bar.
Garcia is no longer allowed to practice as a broker or associate with broker-dealer firms. The disciplinary action came after Garcia allegedly filed false childcare expense reimbursement documents. She never actually incurred the expenses.
Garcia submitted the requests to Merrill Lynch between January 2016 and January 2017. She received more than $9,000 in reimbursements. Her false reports claimed she paid childcare expenses to a daycare center. She even fabricated documents showing she had incurred the expenses.
Garcia does not admit or deny the FINRA findings but she did consent to the bar. Merrill Lynch clients or accounts were not involved in the fraud. Discovery of the false reports early in 2018 prompted Garcia to resign from the firm. According to FINRA documents, Merril Lynch began their internal investigation and the broker resigned later that same day. Garcia has not worked in the financial industry since.
Concerned About Broker Fraud?
Are you concerned your broker may be involved in fraudulent activity? You may need the help of an experienced securities industry attorney. Sonn Law Group will review your case at no cost and help determine a plan to recover your losses. Contact us today.
Disclaimer: This article contains opinions and NOT statements of fact in any way whatsoever. The information here is general information that should not be taken as legal advice. NO attorney-client relationship is established between you and our attorneys by reading this article. This article is attorney advertising and should not be used as a substitute for legal advice from a qualified lawyer.