According to FINRA, Tyler Morgan Krol has been barred from association with any FINRA member firm in all capacities for refusing to provide documents and information requested by FINRA.

The investigation arose from allegations contained in a Form U5 filed by his member firm. The firm disclosed that Krol had been terminated by its affiliate bank for opening two credit cards for affiliate bank customers without their knowledge or consent and charging over $31,000 for personal use.

Opening accounts in customers' names without authorization is a serious form of fraud. This type of conduct gained national attention through the Wells Fargo unauthorized accounts scandal and has resulted in significant regulatory focus on account opening practices. Creating accounts without customer authorization and then using them for personal benefit compounds the violation.

By refusing to provide documents and information to FINRA, Krol has been permanently barred from the securities industry. The regulatory bar applies regardless of any criminal or civil proceedings that might arise from the underlying alleged conduct.

What Investors Can Learn: Investors should regularly review all accounts in their name and immediately report any accounts they did not authorize. Monitor credit reports for unauthorized account openings. If you discover unauthorized accounts, report them to the institution, relevant regulators, and consider filing a police report.