David Austin Barred by SEC and FINRA

David Austin (CRD #: 6702519), a broker formerly registered with J.P. Morgan Securities, has been barred by the SEC and FINRA, according to his BrokerCheck record, accessed on January 5, 2025. Keep reading if you want to know more about his alleged conduct as a broker.

Bar by SEC

On December 16, 2024, the Securities and Exchange Commission filed a regulatory action against David Austin, alleging that he pleaded guilty to one count of embezzlement from a vulnerable adult and one count of attempted embezzlement of financial institutions before the 17th Circuit Court of the State of Michigan on October 11, 2021.

The SEC alleged that, on February 7, 2022, David Austin was sentenced to a 12 month prison sentence followed by three years of probation and ordered to make restitution of $143,925.60.

Sanctions

The SEC permanently barred David Austin from associating with the following:

• Brokers
• Dealers
• Investment advisers
• Municipal securities dealers
• Municipal advisors
• Transfer agent
• Nationally recognized statistical rating organizations (NRSROs)

His bar took effect on December 16, 2024. On the same date, he was permanently barred from participating in penny stock offerings.

Michigan Regulatory Action

On September 16, 2020, the State of Michigan revoked David Austin’s securities agent registration, alleging that he was subject to an order expelling him from membership with a self-regulatory organization due to engaging in dishonest or unethical business practices in the banking industry.

The state also fined him $500.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Bar by FINRA

On June 11, 2020, David Austin consented to the entry of findings that he allegedly converted approximately $144,000 from three customers of JPMorgan Chase Bank from January 16, 2019 and March 19, 2020. Two of these customers were allegedly over 90 years old.

According to a Letter of Acceptance, Waiver & Consent (AWC), David Austin allegedly forged withdrawal slips for these three customers and made unauthorized cash withdrawals from their accounts for his personal use. He allegedly also initiated unauthorized transfers of funds from two of these customers’ joint bank account to his personal bank account.

The AWC concluded that this alleged conversion of funds constitutes a violation of FINRA Rule 2010.

Sanctions

David Austin was permanently barred by FINRA on June 11, 2020. You can read the full AWC here.

Termination by JPMorgan Chase Bank

On April 23, 2020, David Austin was fired by JPMorgan Chase Bank after allegedly admitting to misappropriating approximately $144,000 from bank customers for personal use.

Background Information

David Austin has passed the following exams:

• Securities Industry Essentials Examination – SIE
• Investment Company Products/Variable Contracts Representative Examination – Series 6
• Uniform Securities Agent State Law Examination – Series 63

He previously worked for J.P. Morgan Securities (CRD#:79)

Kurta Law Can Help

If you worked with David Austin and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.