Don't Bank On It SIDE BAR: Online FINRA BrokerCheck records as of January 29, 2015 disclose that DeFilippis was registered with Chase Investment Services Corp. for two stints: May through September 2010 and then again April 2011 through October 2012; and thereafter with JPMS.The online records further disclose that he was employed by JPMORGAN CHASE BANK NA ("JPM Chase Bank") from April 2011 through October 2012.If you read and then re-read the AWC, you will not find a single reference to JPM Chase Bank by name -- as if what? -- the identity of the bank's name is a closely guarded state secret to be disclosed only upon penalty of death? Last I heard, JPM Chase Bank was affiliated with JPMS.
Bank Shot SIDE BAR: Yeah, me again. Sorry for this interruption but, geez, "at the bank at which DeFilippis worked"? That's the best that FINRA can do? If you think that I'm kidding about this, go read the original AWC
Don't Ask 'Cause I Dunno SIDE BAR:
A Matter Of Trust SIDE BAR: Okay . . . let's just stop a moment and recap. We got an elderly customer in failing health and declining mental condition. For whatever reason, no one has stepped in to become this individual's guardian and no court has apparently appointed anyone to protect and handle the customer's financial affairs. And if the opposite of those assumptions is true, the AWC does not disclose any of this.Add into that mix the AWC's concession that De Filippis took steps to try and "conserve" the elderly customer's assets at a time when a criminal appears to have entered the picture and is obtaining funds from the senior citizen. As to the "friend," we have no idea whatsoever from the AWC as to that individual's background or qualifications; however, in the absence of any negative assertions about the co-trustee's character and history in the settlement document, we should not assume anything dubious.
TERMINATED BY AFFILIATE BANK- NON SECURITIES RELATED. REGISTERED REPRESENTATIVE ACCEPTED A CASHIER'S CHECK DRAWN OFF A BANK CUSTOMER'S ACCOUNT BY THE CUSTOMER'S POA AND MADE PAYABLE TO THE REGISTERED REPRESENTATIVE, WHO ENDORSED AND DEPOSITED THE CHECK INTO A BANK ACCOUNT IN THE REGISTERED REPRESENTATIVE'S NAME AT A COMPETITOR BANK
In October 2013, Respondent Paul DeFilippis caused the withdrawal of funds from the bank account of a customer of his firm and of the bank at which he worked and deposited those funds into an account in his own name at another bank. He failed to establish a trust account or other mechanism to protect the customer's interest in the account, thereby violating FINRA Rule 2010.