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by Bill Singer

Chase Banker Rips Off Customer ATM Cards And PIN Codes

August 28, 2014

On June 24, 2014, the Financial Industry Regulatory Authority ("FINRA") Department of Enforcement filed a Complaint against James M. Katayanagi, who, without admitting or denying the allegations, submitted an Offer of Settlement dated August 5, 2014, which FINRA's National Adjudicatory Council accepted. FINRA Department of Enforcement, Complainant, v. James M. Katayanagi, Respondent (FINRA Office of Hearing Officers, Order Accepting Offer of Settlement, 2013035572001, August 13, 2014).

Katayanagi was first registered in 2008 and in March 2009 was registered with FINRA member firm Chase Investment Services Corp (after October 2012 a J.P. Morgan LLC) and was also employed by J.P. Morgan Chase Bank, N.A. (the "Bank") as a personal banker.
FINRA alleges that from January 2012 through November 2012, Katayanagi had access to the Bank's computer system, which he used to create temporary Automated Teller Machine ("ATM") cards, which were issued in the names of various Bank customers. Further, Katayanagi allegedly created Personal Identification Numbers ("PINs") for the temporary cards.

Without the authorization of the customers in whose names he had created the ATM cards and PIN numbers, Katayanagi made the following unauthorized withdrawals:
  • From January 13, 2012 through January 15, 2012: about $2,512 from Customer A's Bank account via ATMs at Bank #1 and Bank #2 in Astoria, NY; 
  • From January 18, 2012 to February 19, 2012, about $2,010 from Customer B's Bank account via an ATM at Bank #1 in Astoria, NY; 
  • From March 2, 2012 to March 5, 2012, about $3,018 from Customer C's Bank account via ATMs at Bank #3 in New York, NY and Bank # 4 in Astoria, NY; 
  • From October 18, 2012 to October 23, 2012, about $3,250 from Customer D's Bank account via ATMs at Bank #3 in Carle Place,NY and New York and Bank #1 in Astoria, NY: 
  • On November 7, 2012, about $1,005 from Customer E's Bank account via an ATM at Bank #1 in Astoria, NY;  
  • On November 7, 2012, about $510 from Customer F's Bank account via an ATM at Bank #1 in Astoria, NY;  
  • On November 7, 2012, about $305 from Customer G's Bank account via an ATM at Bank #1 in Astoria, NY: and 
  • From November 14, 2012 to November 15, 2012, about  $1,508 from Customer H's Bank account via an ATM at Bank #1 in Astoria, NY
According to online FINRA records, on December 12, 2012, the Bank "discharged" Katayanagi based upon allegations that:

TERMINATED BY AFFILITE BANK - NON SECURITIES RELATED. REGISTRERD REP ADMITTED TO ISSUING MULTIPLE ATM CARDS ON BANK CUSTOMERS ACCOUNTS AND WITHDRAWING FUNDS IN EXCESS OF $30,0000 FOR PERSONAL USE

Katayanagi was arrested and charged with felony Grand Larceny in the Third Degree. In April 2013, pursuant to a plea bargain, he pled guilty in the Criminal Court of the City of New York to misdemeanor petit larceny. If,  after a year, Katayanagi had fulfilled certain conditions, his plea would be vacated and he would be allowed to re-plead to a disorderly conduct violation; and those conditions were satisfied in April 2014. 

Based upon the terms of the Offer of Settlement, FINRA imposed upon Katayanagi a Bar from association with any FINRA member firm in any capacity. 

Bill Singer's Comment

Disorderly conduct? Are you kidding me?

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