Nancy K. Mellon has lost her bid for a reprieve from the Financial Industry Regulatory Authority (FINRA). FINRA rejected Mellon's appeal to overturn her 2019 industry bar and reaffirmed a $4,600 fine to cover the costs of disciplinary hearings.
Mellon was barred after FINRA discovered that she falsely filed for $4,300 in expenses for VIP tickets to the annual Outback Bowl college football game in January 2016 and accused her of not being forthcoming initially in providing evidence. Considering the preceding factors, FINRA's National Adjudicatory Council (NAC) stated that Mellon represents a substantial risk to the investing public.
Mellon was authorized to expense the purchase. However, FINRA alleged that she converted the funds by filing for reimbursement before paying the venue. Additionally, Mellon filed for another $500 in expense reimbursements beyond the actual $3,800 ticket price, according to FINRA's decision.
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