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Broker Barred for $4.2 Million Theft

Earlier this week, Investment News reported that FINRA has barred California broker John Thornes and his firm, Thornes & Associates, Inc. Thornes is accused of unauthorized transfers from trust accounts to accounts held by Thornes' friends. FINRA alleged that Thornes misappropriated approximately $4.2 million from two clients, one of whom was an elderly and suffering from Alzheimer's disease. None of the misappropriate funds were repaid to these clients. It was not disclosed if Thornes will face criminal charges.

If you believe you have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of the Costello Law Group at (877) 418-0003 for a free consultation.

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