← Broker database 2025-07-28
Devin Wicker Barred and Ordered to Pay $50,000 for Converting Customer Funds
According to FINRA, Devin Lamarr Wicker of New York, New York was barred from association with any FINRA member firm in all capacities and ordered to pay $50,000 plus interest in restitution to a customer for converting customer funds.
The U.S. Court of Appeals for the District of Columbia Circuit dismissed Wicker's appeal of an SEC decision that had sustained the FINRA findings and sanctions.
The case involved a customer who hired Wicker's member firm to serve as the underwriter for an anticipated public offering. The customer transferred $50,000 to the firm for the sole purpose of paying a retainer to a law firm that would assist with the offering.
Instead of using the funds as intended, Wicker used the money for other purposes. He never paid the law firm and never returned the funds to the customer, despite receiving at least seven written requests from both the customer and the law firm to do so.
The findings revealed that after the customer wired the $50,000 to the firm's bank account, essentially all of the account's funds were used to pay the firm's other expenses. Approximately $440,500 was also transferred to Wicker's personal bank account. Wicker controlled the firm's bank account and authorized these withdrawals and payments, including substantial payments to himself.
To date, Wicker has not repaid the customer or sent the money to the law firm.
This case represents clear conversion—the unauthorized use of customer funds for purposes other than what the customer intended. Such conduct fundamentally breaches the trust customers place in financial professionals.
Investors should carefully monitor any funds transferred to broker-dealers and promptly follow up if directed payments are not made as agreed.