Starting in February of this year and lasting an additional 7 months, Jeffrey Brian Grove, a FINRA permanently barred former Charles Schwab & Co. Inc. Broker, allegedly stole around $1 million in office equipment from his former firm. FINRA says, “Grove purchased items through the firm’s order system and then sold them to individuals”.
According to a report from Schwab on Grove’s public BrokerCheck, he was charged with two felony counts in August at the Circuit Court of the Ninth Judicial Circuit. Also according to the BrokerCheck report the specific charges were: conspiracy to traffic in oxycodone and “unlawful use of a two-way communication device to commit a crime. Grove pleaded not guilty, according to court documents.
Grove had spent his 17-year career in financial services with Schwab and serviced approximately 250 accounts.
Sarah Bulgatz, Schwab spokeswoman, said in an e-mailed statement that the firm had cooperated with law enforcement in the investigation and that there is “no evidence of any client impact as a result of Mr. Grove’s illegal activities.”