Finra Bans Gamblin', Money-Hidin' Ex-Wells Fargo Broker
Finra has barred a former Wells Fargo broker from the industry for allegedly trying to keep regulators from asking questions about his gambling winnings, Financial Planning writes.
Richard White allegedly deposited a total of $77,560 from two Las Vegas gambling trips in deposits that were a few hundred dollars short of the $10,000 threshold above which broker-dealers and banks must file currency transaction reports under the Bank Secrecy Act, according to the Finra panel decision cited by the publication.
From March 2012 to March 2015, White traveled to Las Vegas eight times and returned with winnings from gambling on two of those trips, Financial Planning writes. Finra says that White also split deposits that in aggregate would have crossed the $10,000 threshold between two financial institutions, according to the publication.
The regulator says that the former broker confessed to some of his friends as well as to a Wells Fargo investigator that he deposited the winnings in a way to avoid drawing attention, Financial Planning writes. White was trained to know about unlawful structuring of cash deposits, while his employee handbook makes it clear that it could lead to sanctions, according to Finra, Financial Planning writes.
Finra also ordered White to pay $6,648 in costs, according to the publication.