According to FINRA, Andrew Buckanavage was barred from association with any FINRA member firm in all capacities for converting funds from his employer and failing to provide testimony to FINRA.

Buckanavage converted $177,962.80 by charging personal, non-business expenses to a corporate credit card without his employer's authorization. While employed by a private equity firm affiliated with his member firm, Buckanavage used a corporate credit card provided for business expenses to repeatedly transfer funds to an intermediary PayPal account he created using his corporate email address, and then to his personal PayPal account. He also directly charged non-business expenditures totaling $1,123.18 to the corporate card.

To conceal his conduct, Buckanavage submitted false expense reports identifying personal charges as business expenses or failed to notify his employer that charges were for personal expenses. When questioned by a financial analyst about PayPal transactions on his corporate card, Buckanavage initially lied, claiming the transactions were for purchasing marketing apparel. He then falsely claimed his PayPal account had been hacked and he was working with PayPal to reverse certain charges.

Buckanavage later disclosed his conduct to the private equity firm and ultimately resigned from both the member firm and the private equity firm. He subsequently failed to appear for and provide on-the-record testimony requested by FINRA in connection with its investigation, which impeded FINRA's ability to investigate the matter.

This case illustrates the serious consequences of converting employer funds and lying to regulators. The bar from the securities industry is one of the most severe sanctions FINRA can impose. Investors should be aware that individuals who engage in dishonest conduct with their employers may also pose risks to customers.