September 19, 2021

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

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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]

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