The Financial Industry Regulatory Authority (FINRA) recently announced that a former Smith Barney sales assistant working out of the firm’s Palo Alto, California, branch office was barred from the industry for securities fraud law violations that included bilking customers out of more than $850,000. Under the agreement reached with FINRA, the firm agreed to reimburse customers that were victimized by the actions of their former employee, Tamara Lanz Moon of Redwood City, California.
The improper activities went undetected for more than 8 years ending in March 2008. Moon’s victims were mostly elderly individuals that were less likely to monitor their accounts. Moon allegedly forged customer’s signatures so that she could make transfers between accounts that she controlled. Click here to view FINRA’s Press Release.