Henry Duval, also known as Roger Allan Duval, was a financial broker who started his career in 2013. He focused on elderly clients and convinced them to open brokerage accounts at a FINRA member firm.
His actions raised red flags about his business practices.
Duval’s career took a turn in 2019 when he left Pruco Securities. He resigned on May 13, 2019, amid growing concerns about his conduct. This move marked the start of serious trouble for Duval in the financial world.
His actions would soon lead to severe consequences in the industry.
Unauthorized Withdrawals and Barred from Securities Industry
Table of Contents
Henry Duval’s actions shook the financial world. He took money without permission and lost his job as a broker.
Duval’s unauthorized withdrawals exceeding $100,000
Henry Duval stole over $100,000 from his clients’ accounts. He used their login info to get into their online banking from June 2017 to April 2019. Duval wrote checks to himself for about $130,000 without permission.
He then put this money into his own checking account.
This theft shows how important it is to keep your bank login details private. Even trusted people like brokers can misuse them. Duval’s actions broke the trust his clients placed in him and the rules of his job.
Barred from the securities industry in 2020
FINRA took strong action against Henry Duval in 2020. They barred him from working in the securities industry. This ban came after Duval left Pruco Securities in May 2019. FINRA’s decision stopped Duval from engaging in any securities-related business.
It also prevented him from associating with FINRA members.
The ban aimed to protect investors from further harm. It showed how seriously FINRA takes unauthorized withdrawals. Duval’s case serves as a warning to other brokers. It reminds them of the severe consequences for breaking industry rules.
Allegations of Continued Unauthorized Activities
Henry Duval’s troubles didn’t end with his industry ban. New claims suggest he kept taking money from clients after his punishment.
Alleged siphoning of funds from a 79-year-old senior citizen client
Henry Duval faced new charges for allegedly taking money from an elderly client. The 79-year-old senior wrote Duval a $36,000 check for his business, Retirement Base Camp. Duval also got over $73,000 from this client between 2019 and 2021.
The client didn’t know about these withdrawals and reported them to the securities division.
This case shows how some brokers exploit older clients. Duval used his position to get money from someone who trusted him. The client’s lack of awareness highlights how easy it can be for unethical brokers to take advantage.
Such actions harm not just the victims, but also damage trust in the financial industry as a whole.
Receipt of over $73,000 from the senior client from 2019 to 2021
Duval got over $73,000 from a senior client between 2019 and 2021. He made small payments of about $25,000 to the client’s account from 2019 to 2022. But he also took out $37,500 from the client’s bank account through online banking from 2020 to 2022.
Duval put this money into his own Retirement Base Camp account.
This case shows how some brokers can abuse their clients’ trust. I’ve seen firsthand how easy it is for unethical people to exploit older clients. Financial firms need better ways to spot and stop this kind of theft.
Clients, especially seniors, should watch their accounts closely and report any odd activity right away.
Legal Actions and Violations
The Washington State Department of Financial Institutions took action against Duval. They filed charges for breaking anti-fraud rules in the state’s Securities Act.
Charges filed by the Washington state Department of Financial Institutions in October 2024
In October 2024, the Washington state Department of Financial Institutions took action against Henry Duval. They filed charges claiming he broke anti-fraud rules in the state’s Securities Act.
These new claims came after Duval had already been barred from the securities industry in 2020.
The state agency accused Duval of taking money from an elderly client without permission. They said he got over $73,000 from a 79-year-old person between 2019 and 2021. This case shows how some brokers might try to steal from older clients even after losing their licenses.
Violations of Washington’s Securities Act’s anti-fraud provisions
Henry Duval broke Washington’s Securities Act rules. He took money from an older client without telling them important facts. Duval got over $73,000 from a 79-year-old person between 2019 and 2021.
He didn’t tell this client about the state’s order against him. This action goes against the law’s anti-fraud rules.
The state’s financial watchdog took action against Duval. They filed charges for his dishonest acts in October 2024. These charges show how Duval kept doing wrong things even after being kicked out of the securities business.
His actions hurt vulnerable people and broke the trust needed in financial dealings.
Impact on Clients and Industry
Broker theft hurts clients and shakes trust in the finance world. Firms need better ways to spot and stop these crimes, especially against older folks.
Broker theft and elder abuse cases
Broker theft hits seniors hard. Adam Gana points out that these crimes often target older adults. Crooks prey on the elderly because they may have large savings and less oversight.
Sadly, many firms lack the tools to stop such theft. They don’t invest enough in safeguards to protect their clients’ money.
Elder abuse in finance takes many forms. Thieves might forge checks, make fake withdrawals, or trick seniors into bad investments. Some even steal identities to open new accounts. These crimes can wipe out life savings and leave victims in dire straits.
The next section will explore the legal actions taken against those who commit these offenses.
Lack of resources in financial firms to prevent such theft
Financial firms often lack the tools to stop broker theft. Many companies don’t have enough staff or money to watch every transaction. This makes it easy for dishonest brokers to steal from clients.
Firms need better systems to catch unusual activity quickly.
Clients should stay alert and check their accounts often. They must report any odd charges right away. The industry needs to step up its game to protect investors. Next, we’ll look at how these issues affect clients and the wider financial world.
Conclusion
Henry Duval’s case shows the dark side of the finance world. His actions hurt clients and damaged trust in the industry. We must stay alert to protect our money and loved ones. Firms need better ways to catch thieves like Duval.
Clients should check their accounts often and report odd activity. Let’s work together to make finance safer for everyone.
FAQs
1. What are the new charges against Henry Duval?
The article doesn’t specify the new charges. It only mentions that Duval, a former broker, faces new charges after being barred for unauthorized withdrawals.
2. Why was Henry Duval initially barred from working as a broker?
Duval was barred from working as a financial advisor due to making unauthorized withdrawals from client accounts. This action led to his initial punishment in the industry.
3. How does this case affect investors?
This case serves as a warning to investors. It shows the importance of monitoring account activity and choosing trustworthy financial professionals to manage their money.
4. What steps can investors take to protect themselves from similar situations?
Investors can protect themselves by regularly reviewing their account statements, asking questions about unusual transactions, and working only with licensed and reputable financial advisors.
