Andrew Manuel Garcia (CRD No. 6715172) is a former registered financial advisor. In 2017, Mr. Garcia was a representative at Charles Schwab in Indianapolis, Indiana. In June of 2017, he was terminated by the brokerage firm after allegations arose that he converted a customer’s funds — depositing the money into his own personal account.
On February 4th, 2019, FINRA filed a complaint against former Charles Schwab broker Andrew Manuel Garcia. Here, our securities fraud lawyers provide an overview of the allegations against this broker. For full details related to this case, please refer to Disciplinary Proceeding No. 2017054899801.
FINRA Complaint: Financial Advisor Theft
FINRA alleges that former Charles Schwab broker Andrew Manuel Garcia improperly deposited $3,392 of customer funds into his own account. Specifically, this money was from a 2016 federal and state tax return filed by one of the brokerage firm’s customers.
In addition, FINRA contends that Mr. Garcia made false statements to the compliance department at Charles Schwab when the firm was conducting its own internal investigation of the issue. The alleged misconduct in this case is a violation of FINRA Rule 2150 and FINRA Rule 2010. FINRA is seeking all appropriate sanctions, potentially including monetary penalties and suspension.
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