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Finra bars former JP Morgan, RBC brokers

Both former brokers settled and refused to testify.

Finra on Friday barred two former brokers for violating firm policies, one from RBC Capital Markets and one from J.P. Morgan Securities.
John Simpson, who has been registered with Finra since 1980 and worked at RBC from March 2009 to February 2016, was fired for “violation of firm policy regarding use of discretion in client accounts.”
According to Finra documents, Mr. Simpson accepted a settlement, but refused to appear before Finra in October to testify. Mr. Simpson’s lawyer was not immediately available for comment.
Brian Alexander Torres, a former J.P. Morgan broker, entered the securities industry in September and was terminated by J.P. Morgan on Nov. 3.
Mr. Torres was fired for admitting to misappropriating funds from J.P. Morgan’s affiliate bank.
Mr. Torres acknowledged that he received requests from Finra for documents and information, but refused to comply and did not testify as requested. Mr. Torres could not immediately be reached for comment.

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