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HomeWealth ManagementEx-dealing rep completely banned for embezzling consumer's cash

Ex-dealing rep completely banned for embezzling consumer’s cash

As an alternative, Batla deposited the financial institution draft into his personal private funding account with Buyers Group, indicating that the cash got here from his “partner/frequent regulation accomplice’s” revenue.

Between Might 22 and June 13, 2019, he facilitated a sequence of mutual fund purchases, redemptions, and withdrawals in his private account utilizing the cash, incomes $900 in commissions within the course of.

When questioned by the agency in regards to the fast withdrawals, Batla stated there’d been a misunderstanding between him and his partner in regards to the authentic quantity to be invested.

In whole, he withdrew $69,320 of the cash entrusted to him from his funding account. He deposited that quantity into his personal private checking account, and used it to pay for private bills and repay his money owed.

On January 3, 2020, the consumer lodged a grievance with IG regarding Batla’s actions. Batla has repaid $11,500 to the consumer, and IG paid $56,224.54 in compensation to the consumer to cowl the quantity Batla didn’t repay.



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