LINDEN — Documents posted online at the Securities and Exchange Commission (SEC) website appear to implicate a Linden councilman in the misappropriation of about $9,000 in client funds, which allegedly resulted in his termination from a job at JP Morgan Chase.
Councilman Peter A. Brown, Jr. denied the allegations contained in SEC documents and claimed the reported theft was a case of mistaken identity, but officials do not believe him.
According to the SEC, JPMChase Bank discharged Peter Alexander Brown, Jr. on Dec. 27, 2012 after the company determined that the registered representative activated temporary ATM cards on clients bank accounts and withdrew funds totaling approximately $9,000.
“I am very concerned that we have a councilman who is the finance chairman, who based on this document has been terminated from JP Morgan Chase for allegedly taking $9,000 in client funds from credit cards,” said Mayor Richard Gerbounka. “For him to say that it is someone else is ridiculous.”
Gerbounka claimed that the documents show specific detail about his employment history that make the connection unmistakable.
The Securities and Exchange Commission documents appear online — at
http://www.adviserinfo.sec.gov/IAPD/Support/ReportViewer.aspx?indvl_pk=5069425 — and copies of similar SEC reoprts were anonymously mailed to Gerbounka and members of the City Council.
The Financial Industry Regulatory Authority, Inc. (FINRA) is a private corporation that acts as a self-regulatory organization within the securities industry to protect investors.
All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings, and criminal or civil judicial proceedings
A FINRA website contained identical information about Brown’s employment termination from J.P. Morgan Securities LLC, but the councilman insisted he is employed by the brokerage firm’s affiliated commercial bank, JPMorgan Chase Bank, N.A.
The Councilman refused to disclose his Social Security number to a journalist who offered to conduct an automated check at JPMorgan Chase’s 212-622-8650 employment verification hotline.
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