Schwab Broker Was One Stop Shop For (Stolen) Office Supplies, Oxycodone

Author:
Updated:
Original:

Just the tip of the iceberg re: what he could score you.

Time was, anyone in need of both prescription pain killers and a top of the line inkjet printer needn't look any further than the 24-hour convenience store that was Jeffrey Brian Grove, of the Melbourne, Florida Charles Schwab office. JBG had everything you could possibly need and if he didn't, he'd simply log into Schwab's internal system and order it or tell his dealer to chop chop. Unfortunately, for his clients and the beneficiaries of his lucrative side business, all good things must one day come to an end.

The Financial Industry Regulatory Authority Inc. has permanently barred a former Charles Schwab & Co. Inc. broker after he allegedly stole around $1 million in office equipment from his former firm. Between February and August of this year, Jeffrey Brian Grove, who was a financial consultant in the firm's Melbourne, Fla., branch, used the firm's order system to purchase supplies and equipment, and then sold the items to “different individuals,” according to a letter of acceptance posted to Finra's disciplinary database. The letter did not specify what equipment was allegedly stolen. Mr. Grove signed the letter agreeing to Finra's sanctions without admitting or denying the findings...The same day Mr. Grove's employment was terminated by Schwab he was charged with two felony counts, according to a report from Schwab on Mr. Grove's public BrokerCheck record. He was charged in the Circuit Court of the Ninth Judicial Circuit in and for Orange County, Fla., with conspiracy to traffic in oxycodone, a prescription painkiller, and “unlawful use of a two-way communication device to commit a crime,” according to the BrokerCheck report. He had one other disclosure event on his record for possession of more than 20 grams of cannabis in 1997.

Ex-Schwab broker barred for alleged theft of $1 million in office supplies [Investment News via Matt]

Related

UBS Broker May Have Taken Stress Of The Job Out On 70 Windows In Beverly Hills, Encino Using "Slingshot Projectiles"

This is his story. The unlikely suspect in a string of window breakings in Beverly Hills -- a 58-year-old Encino investment adviser -- may be connected to 70 additional cases in the area, authorities said. Michael Steven Poret, a broker at UBS Financial Services, was arrested in Encino last week. Police say that Poret vandalized numerous businesses along Ventura Boulevard and several private homes in Beverly Hills. A witness account and private surveillance footage have depicted the vandal as a graying man in white gloves firing marbles at plate glass windows with a slingshot from the driver's seat of his car, then driving away in no apparent hurry. Authorities believe that Poret could be connected to more than 20 vandalism incidents in Beverly Hills and more than 50 in Encino, as well as several other vandalism reports authorities have received in Van Nuys and Topanga Canyon. The vandal appears to target businesses indiscriminately, hitting coffee shops, an autism treatment center and a salon. Luie Velasquez, a detective with the West Valley division of the Los Angeles Police Department, said the police's top theory is that the suspect sought excitement. "Your guess is as good as mine," Velasquez said. "For whatever reason, these individuals get some sort of thrill from smashing windows." Poret was first arrested July 3 after a Beverly Hills patrol officer spotted a slingshot in his vehicle during a traffic stop for a vehicle code violation. A search of his vehicle revealed brass knuckles, knives and slingshot projectiles. Poret was arrested again Thursday in an early morning raid on his Encino home, where police discovered firearms, bb guns, slingshots and marbles similar to those used in the window-breakings. A very understanding victim whose windows were hit three times and cost him $7,000 to repair had this to say: "I mean, I know that an investment bankers* are a little nuts. But you know, maybe the market is that bad. I don't get that. He must be a very frustrated guy." Alleged window-smashing broker may be suspect in 70 more cases [LATimes via TRB] *All together now: broker ≠ investment banker ≠ trader ≠ bank teller

Guy Who Was Fired By Goldman Sachs For Amassing "Inappropriately Large" Position Welcomed With Open Arms At Morgan Stanley

Back in December 2007, things weren't going so well for Matthew Marshall Taylor. He'd just been fired from Goldman Sachs and not only was he out of a job, but his prospects for finding a new one didn't look so hot, on account of the fact that Goldman planned to put a note in his file detailing the reason he'd been let go-- "for building an 'inappropriately large' proprietary trading position"-- and it seemed unlikely anyone at the firm would be open to serving as a reference for him moving forward.  Three months later, however, one bank told MMT that there was room for him at their inn. Morgan Stanley, apparently having decided the incident at Goldman was but an asterisk in what would be a long and fruitful career, told Taylor to come on down, employing him for over four years until he left in July of his own accord and not because of any legal issues relating to his work at Goldman Sachs. Taylor was accused yesterday by the U.S. Commodity Futures Trading Commission of concealing an $8.3 billion position in 2007 that caused Goldman Sachs to lose $118 million. Goldman Sachs fired Taylor in December 2007 and cited “alleged conduct related to inappropriately large proprietary futures positions in a firm trading account,” in a so-called U-5 form, according to a Financial Industry Regulatory Authority document. Morgan Stanley, which had employed Taylor before he joined Goldman in 2005, re-hired him in March 2008, according to the records. Taylor, who handled client-related equity derivative trading at Morgan Stanley, left the firm in July, according to Mark Lake, a company spokesman in New York. His departure wasn’t related to the CFTC complaint filed against Taylor yesterday in federal court, according to a person familiar with the situation, who requested anonymity because the information is private. Taylor concealed the position by bypassing the firm’s internal system for routing trades to the Chicago Mercantile Exchange and manually entering fabricated futures trades in a different internal system, according to the complaint. Goldman Sachs, which wasn’t identified in the CFTC lawsuit, said Taylor allegedly made the trades while employed at the firm. Anyway, since MMT is a free agent at the moment, if any other banks would like to overlook the blip, please do get in touch directly. Citi, BofA? At least just think about it. He was good enough for Morgan Stanley, he should be good enough for you. Morgan Stanley Hired Goldman Trader Accused Of Hiding Position [Bloomberg] CFTC Charges Matthew Marshall Taylor with Fraud for Fabricating and Concealing Trades from His Employer and Obstructing Their Discovery [CFTC]