ADA TOWNSHIP, Mich. (WOOD) — A broker for a major financial institution in West Michigan is facing up to 15 years in prison after he allegedly took more than $140,000 from the bank and his clients.
According to the Financial Industry Regulatory Authority, 32-year-old David Harry-Nelson Austin was a broker with JPMorgan Chase since August of 2016 and by March of 2020, he had managed to appropriate the money from clients – at least two of whom were older than 90, according to the authority.
Austin is accused of making cash withdrawals by forging documents from some accounts between January 2019 and March 2020. He also allegedly transferred some of the money from brokerage’s accounts to his own accounts.
Austin was terminated from his job on April 23, 2020, after allegedly admitting to the embezzlement, the documents show.
JPMorgan Chase is the largest bank in America, with assets of more than $2.5 trillion.
Austin is due in Kent County district court on Wednesday, where he faces charges of embezzlement from a financial institution and embezzlement from a vulnerable adult.
Before working for JPMorgan Chase, Austin worked at TGI Fridays, a bar in Ottawa County and various sub sandwich chains, according to his broker disclosure.
News 8 reached out to JPMorgan Chase but did not receive a response.