A Costly Appetite: Former BofA Rep Suspended Over $6K in Meal Charges

A former investment banking representative has been suspended from the securities industry for nine months after allegedly misappropriating approximately $6,000 in firm funds for personal meals.

The Financial Industry Regulatory Authority announced the settlement with Carly C. Zelner; according to the letter of acceptance, waiver, and consent, Zelner’s conduct violated FINRA Rule 2010, which requires industry professionals to maintain high standards of commercial honor.

FINRA Rule 2010 is commonly cited in disciplinary actions involving ethical misconduct or improper use of firm resources.

Zelner was registered with BofA Securities, Inc. from October 2022 until April 2024, when the firm discharged her for failing to adhere to corporate expense standards.

FINRA’s investigation revealed that between January 2023 and January 2024, Zelner charged the firm for more than 175 overtime meals that did not comply with company policy. The firm’s expense guidelines permitted employees to charge overtime meals only when working at a firm office for four hours beyond the normal workday and required the meal to be consumed on-site.

According to the findings, Zelner used various methods to circumvent those restrictions, including having some meals delivered to non-BofA addresses by circumventing controls within the firm’s meal-ordering application. FINRA said that on days when she was not working at a firm location, she ordered meals to a BofA office to create a false record of policy compliance.

In addition to the nine-month suspension, Zelner would typically face monetary penalties. However, FINRA noted that while a suspension was warranted, no fine was imposed after Zelner demonstrated a financial inability to pay.

Zelner accepted the sanctions without admitting or denying the findings. The suspension prevents her from associating with any FINRA member in any capacity, including clerical or ministerial functions, during the suspension period.

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