Last Updated: November 2024 (Kyle, Texas)
National securities fraud lawyers at Patil Law P.C. are investigating former J.P. Morgan Securities broker Jesus Cantu (CRD #7599050), who was discharged in August 2024 after admitting to making unauthorized transfers from a customer’s bank account for personal benefit.
Jesus Cantu, who was registered as a securities broker with J.P. Morgan Securities LLC for approximately two years, was terminated after confessing to misconduct involving customer accounts. His short tenure in the financial services industry and admission of fraudulent activity raise serious concerns for J.P. Morgan customers.
Critical Insights About Former Kyle, TX Financial Advisor Jesus Cantu
- Advisor Name: Jesus Cantu
- CRD: 7599050
- Location: Kyle, TX
- Former Employer: J.P. Morgan Securities LLC
- Registration Status: Not Currently Registered
- Licensed Since: 2022
- Termination Type: Discharged for Cause
- Date of Termination: August 30, 2024
- Termination Cause: Admitted misappropriation of client funds
If you were a client of Mr. Cantu or have concerns about your J.P. Morgan accounts, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Details of Admitted Misconduct
Bank Account Transfer Scheme
According to J.P. Morgan’s termination notice, Cantu:
- Used his position as a licensed banker to access customer accounts
- Made unauthorized transfers from client bank accounts
- Converted customer funds for personal use
- Admitted to the misconduct when confronted
- Violated fundamental client trust obligations
Analysis of Fraudulent Activity
Client Protection Violations
Cantu’s admitted conduct represents serious violations of banking and securities regulations:
- Misappropriation of customer funds
- Breach of fiduciary responsibility
- Unauthorized account access
- Conversion of client assets
- Banking and securities law violations
Regulatory Framework and Investor Protection
SEC Regulation Best Interest
The SEC’s Regulation Best Interest establishes strict requirements regarding the handling of customer accounts and assets. When a broker misappropriates client funds, they violate the most fundamental aspects of this regulation, which requires financial professionals to:
- Place client interests ahead of their own
- Protect client assets from misuse
- Maintain accurate records of all transactions
- Disclose all material facts
- Avoid conflicts of interest
FINRA Rules and Their Significance
FINRA Rule 2150 (Improper Use of Customers’ Securities or Funds) strictly prohibits any misuse or conversion of customer assets. This rule establishes fundamental protections by requiring:
- Proper segregation of client funds
- Accurate transaction records
- Appropriate authorization for transfers
- Prevention of commingling
- Protection against misappropriation
FINRA Rule 2010 (Standards of Commercial Honor) requires brokers to observe high standards of commercial honor and just and equitable principles of trade. Converting client funds represents one of the most serious violations of this rule and often results in:
- Permanent industry bar
- Criminal investigation
- Civil litigation
- Restitution requirements
- Regulatory sanctions
Banking Regulations
As a dual-hatted employee of both J.P. Morgan Securities and JPMorgan Chase Bank, Cantu’s conduct also implicates banking regulations including:
- Federal Reserve Regulation W
- Bank Secrecy Act provisions
- Consumer protection regulations
- Anti-fraud statutes
- Financial institution safeguards
Professional Background
Cantu’s very limited financial services career included:
- J.P. Morgan Securities (2022-2024)
- JPMorgan Chase Bank (2021-2024)
- Prior employment in food delivery and retail
Professional Qualifications:
- Series 6 (Investment Company Products/Variable Contracts)
- Series 63 (Uniform Securities Agent)
- Securities Industry Essentials Examination
Red Flags for J.P. Morgan Customers
- Admitted theft of customer funds
- Termination for serious misconduct
- Extremely brief industry tenure
- Limited professional experience
- Multiple account violations
Implications for Current and Former Clients
If you were a J.P. Morgan customer during Cantu’s employment, carefully review your accounts for:
- Unexplained withdrawals
- Unauthorized transfers
- Missing funds
- Suspicious transactions
- Account discrepancies
Steps to Protect Your Rights
- Request complete account statements
- Document any suspicious activity
- File complaints with appropriate regulators
- Contact experienced securities counsel
- Consider all legal options
Patil Law P.C. Will Help You Recover Your Investment Losses
If you were a client of Jesus Cantu at J.P. Morgan and have concerns about unauthorized account activity or missing funds, contact Attorney Patil at (800) 950-6553 for a free consultation. Our firm specializes in representing investors who have suffered losses due to broker misconduct. Cases handled on contingency – no recovery, no fee.
