NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.

Gregory Arthur Niebler
OS/2007009405201

Niebler received approximately $358,000 from an elderly customer, for whom he was appointed power of attorney, in the form of personal checks written directly to him or his credit card companies to pay down his credit card debt; at least $172,900 of that amount was received after the customer had been diagnosed as incompetent and suffering from dementia and Alzheimer’s disease.

Niebler invoked his power of attorney to sign the customer’s name to certain of the checks. Niebler falsely denied to his firm on compliance questionnaires that he had received any gifts valued in excess of $100 from any of his customers when he was receiving substantial amounts of money from the customer’s bank account, and failed to report that he had obtained the customer’s power of attorney to his firm. In effecting the transfer of funds from the customer to himself or his credit card company, Niebler acted contrary to his duty as a power of attorney, in that he failed to act in the customer’s best interest and did not have the customer’s explicit written authorization to transfer money to himself.

Gregory Arthur Niebler : Barred

Tags: Elderly  Power Of Attorney