FINRA Bars Former Guggenheim Rep for Submitting False Expense Reports
The Financial Industry Regulatory Authority has barred a former Guggenheim Securities representative for allegedly submitting false expense reports that contained material discrepancies in his travel and entertainment expenses. Guggenheim terminated his registration in May 2014.
According to a letter of acceptance, waiver and consent issued by FINRA, John Emmett Regan first entered the securities industry in June 2005 and later obtained his Series 7 and 63 licenses before being hired by Guggenheim in June 2010.
While at the firm, Regan allegedly converted approximately $25,000 in firm funds in 18 months by falsely submitting 90 personal expense reports for reimbursement that contained intentionally mischaracterized business expenses. By converting firm funds, Regan violated FINRA Rule 2010 which requires FINRA members to observe high standards of commercial honor in their business dealings.
FINRA barred Doyle from associating with any FINRA member in all capacities, and he accepted and signed the AWC letter without admitting or denying the findings.
