According to FINRA, Devin Lamarr Wicker was barred from association with any FINRA member in all capacities and ordered to pay $50,000 plus interest in restitution following a NAC decision that was appealed to the SEC on January 13, 2022. The bar remains in effect pending review.

Wicker was found in violation of securities rules after converting customer funds. A customer retained Wicker's member firm to serve as underwriter for its planned Initial Public Offering (IPO). Under their agreement, the customer would reimburse the firm for reasonable out-of-pocket expenses, including legal fees, in connection with the IPO.

The customer wired $50,000 to the firm with the sole purpose of paying a retainer to a law firm on the customer's behalf. Wicker knew about this wire and its sole purpose, and also knew the customer never authorized use of the funds for any other purpose. However, the firm neither paid the retainer to the law firm nor returned the funds to the customer.

Wicker controlled the firm's bank account where the retainer was deposited and authorized withdrawals and payments for other purposes, including substantial payments to himself. The record shows numerous attempts over more than six months to get Wicker to either pay the law firm with the customer's funds or return the funds. Wicker ignored these requests and obfuscated his knowledge that the customer's funds had not been used as intended. To date, Wicker has not repaid the customer.

Conversion of customer funds is one of the most serious violations in the securities industry. It represents a fundamental breach of the trust that customers place in their financial professionals and can cause significant financial harm.

This case serves as a stark reminder for investors to monitor their accounts carefully and report any suspicious activity immediately. Investors should verify that funds intended for specific purposes are actually used as directed and should take prompt action if funds disappear or are misused.