NEW YORK: Two former brokers for a JP Morgan Chase & Co unit have been barred from the securities industry after they allegedly stole$300,000 from an elderly client's account and exploited her failing mental capacity to carry out the scheme, Wall Street's industry-funded watchdog said on Tuesday.
The brokers, Jimmy Caballero and Fernando Arevalo, worked for JP Morgan Securities LLC in Palmdale,California, until they voluntarily resigned from the firm earlier this year, according to regulatory filings. Both worked at a retail bank affiliated with the firm.
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