Cheryl George: FINRA Sanctions Ex-RBC Rep Over Alleged Unauthorized Transfer

Cheryl GeorgePublicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 16, 2018 indicate that former New York-based RBC Capital Markets broker/adviser Cheryl George has been sanctioned by FINRA in connection to alleged rule violations and suspended from acting as a broker. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Ms. George (CRD# 4151720).

Cheryl George has spent 17 years in the securities industry and was most recently registered with RBC Capital Markets in Williamsville, New York (2009-2018). Previous registrations include Morgan Stanley Smith Barney in Williamsville, New York (2009); Citigroup Global Markets in Williamsville, New York (2001-2009); and M&T Securities in Buffalo, New York (2000-2001). She has passed four securities industry examinations: Series 66 (Uniform Combined State Law Examination), which she obtained on December 4, 2007; Series 63 (Uniform Securities Agent State Law Examination), which she obtained on June 19, 2000; Series 7 (General Securities Representative Examination), which she obtained on July 18, 2002; and Series 6 (Investment Company Products/Variable Contracts Representative Examination), which she obtained on May 12, 2000 . She is currently not registered with any state or firm.

According to her BrokerCheck report, Cheryl George has received one FINRA sanction and was recently discharged from her former employer.

In July 2018 FINRA sanctioned her in connection to allegations he sold securities from a customer’s account without first obtaining that customer’s authorization, “in order to generate funds for a requested wire transfer from an imposter” who was purporting to be a customer. According to FINRA’s findings, she received an email from the imposter seeking a wire transfer of $33,000 to a third party who was purported to be a home improvement contractor. FINRA states that what Ms. George was unaware is that the email was not from the customer, but an individual who had unauthorized access to the customer’s email account. FINRA’s findings state that she replied to inform the imposter that “she would need to sell securities in the account to raise the requested funds,” which she proceeded to do, and then “mis-marked the order tickets for these transactions as unsolicited and failed to mark them as discretionary.” According to FINRA, the firm approved the wire request based on a false attestation that Ms. George had received the request verbally, when in fact she received it via email. When she discovered the true nature of the request, she recalled the transfer and returned the funds to the client’s account. In connection to these findings, she was issued a 20-day suspension and a fine of $5,000.

In March 2018 she was terminated from her position at RBC Capital Markets in connection to allegations she violated firm policies regarding “Employee Alteration and Execution of Client Documents.”

If you have lost money investing with Cheryl George, you may be able to recover your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.