An irreverent Wall Street Blog
by Bill Singer

JP Morgan Employee Gets Undue Credit Card Points

June 12, 2014

Frequent flyer points. Customer reward points. Multiple bonus points. Hey, ain't it grand when you get extra benefits from using your credit card? On the other hand, no one exactly likes a pick-pocket; particularly one who is skimming your points without so much as a "thank you."

Case In Point

For the purpose of proposing a settlement of rule violations alleged by the Financial Industry Regulatory Authority ("FINRA"), without admitting or denying the findings, prior to a regulatory hearing, and without an adjudication of any issue, Clifford Frank Staley submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which FINRA accepted. In the Matter of Clifford Frank Staley, Respondent (AWC 2013039143701, June 2, 2014).

Staley was registered with J.P Morgan Securities LLC. and employed by J.P. Morgan Chase Bank. Online FINRA records as of June 12, 2014, disclose that Staley began employment with JPMorgan Chase Bank in January 2009 and was first registered in May 2013.

Taking Undue Credit

The AWC asserts that during his tenure with JPM, without the victimized customers' authorization, Staley transferred customers' credit card points to his own credit card account. Thereafter, Staley allegedly redeemed the points for cash that was credited to his checking account or Chase Bank credit card balance. 

According to online FINRA records as of June 12, 2014, JP Morgan Chase Bank discharged Staley on November 1, 2013, based upon allegations that:

TERMINATED BY AFFILIATE BANK - NON SECURITIES RELATED. REGISTERED REP ADMITTED TO TRANSFERRING BANK CUSTOMER REWARD POINTS FROM CUSTOMER CREDIT CARDS TO HIS PERSONAL CREDIT CARD ACCOUNT WHICH HE REDEEMED FOR CASH CREDITED TO HIS CHECKING ACCOUNT OR CREDIT TO HIS CREDIT CARD ACCOUNT

FINRA asserted that such conversions constituted a violation of FINRA Rule 2010. In accordance with the terms of the AWC, FINRA imposed upon Staley a Bar from associating with any FINRA member in all capacities. 

Bill Singer's Comment

Wow!  The nerve of this guy! When you get home, make sure to check your reward points statement to confirm that what you earned is still there.


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