According to FINRA, Andrew Buckanavage was named as a respondent in a FINRA complaint alleging that he converted $177,962.80 by charging personal, non-business expenses to his corporate credit card without authorization.

The complaint alleges that Buckanavage had his employer pay for unauthorized personal expenses by submitting false expense reports that identified the charges as business expenses, or by failing to notify his employer that the charges were for personal expenses.

Specifically, the complaint alleges that Buckanavage used his corporate credit card to repeatedly transfer funds from the credit card to an intermediary PayPal account that he created using his corporate email address, and then to his personal PayPal account. He allegedly then used those funds to pay for personal, non-business expenses.

The complaint also alleges that Buckanavage failed to appear for on-the-record testimony requested by FINRA as part of its investigation into his alleged conversion.

Conversion, which involves the unauthorized taking or misuse of another's property, is one of the most serious violations in the securities industry. When registered representatives convert funds from employers or customers, it represents a fundamental breach of trust.

It is important to note that the issuance of a disciplinary complaint represents FINRA's initiation of a formal proceeding in which findings have not been made. The complaint does not represent a decision as to any of the allegations contained therein. Because this complaint is unadjudicated, readers should consider contacting the respondent before drawing any conclusions regarding the allegations.

If the allegations are proven, Buckanavage could face significant sanctions including a bar from the securities industry. The failure to appear for testimony is itself a serious violation that can result in a bar.