According to FINRA, Miche D. Jean was barred from association with any FINRA member in all capacities for failing to provide information and documents or appear for on-the-record testimony requested by FINRA in connection with an investigation into whether he converted money from his customer.

FINRA's investigation began after reviewing a Consent Order issued by the Maryland Securities Commissioner. In that order, Jean consented to findings that, while associated with his member firm, he fraudulently initiated four Automated Clearing House (ACH) transfers from a firm customer's brokerage account to pay his personal credit card bill. The Consent Order imposed sanctions that barred Jean from engaging in the securities or investment advisory business in Maryland.

Conversion of customer funds is one of the most serious violations in the securities industry. It constitutes theft and a complete breach of the fiduciary duty owed to customers. Jean's refusal to cooperate with FINRA's investigation into this conduct, combined with the state regulator's findings, resulted in a permanent bar from the industry.

This case illustrates the importance of monitoring account activity and immediately reporting any unauthorized transactions. Investors should regularly review their account statements and confirm that all transactions were authorized.