FINRA Accuses Broker of Misusing Corporate Credit Card for Personal Expenses
The Financial Industry Regulatory Authority has taken disciplinary action against a former Columbia Management Investment Distributors broker for allegedly using a company credit card to pay for personal expenses while on medical leave.
According to the complaint filed by FINRA, Ana Maria Dimco incurred a total of $20,157.92 in charges for items such as clothing, travel, a laptop, medical and beauty treatments, and other personal expenses between November 2023 and February 2024.
According to the complaint, Columbia had provided Dimco with a corporate American Express card for use to pay for business expenses during work-related meetings and travel, subject to the firm’s travel and expense reimbursement policy, which strictly prohibited the use of corporate credit cards for personal use. Additionally, the complaint stated that Dimco was away from work on approved medical leave between November 2023 and February 2024 and did not incur any legitimate work expenses during that time.
Dimco’s alleged misconduct came to light after Columbia’s head of internal adviser consultants received an email stating that charges on the corporate American Express card issued to Dimco were overdue for processing. The firm contacted Dimco regarding this “urgent matter” and Dimco resigned the next day, citing her “health conditions.” Columbia accepted Dimco’s resignation but informed her that she was considered to have resigned while under investigation and that she would be expected to repay the charges.
Despite the firm’s request, Dimco never repaid the $20,157.92 in personal charges. Columbia ultimately withheld $4,964.26 from Dimco’s final paycheck, including accrued vacation time and salary continuation, but was still short $15,193.66. The firm paid the total outstanding balance.
FINRA has alleged that Dimco’s use of the corporate card violated both the firm’s policy and FINRA Rule 2010, which requires brokers to observe high standards of commercial honor and just and equitable principles of trade. The complaint also states that FINRA sent multiple requests for information and documents to Dimco, who failed to respond, in violation of FINRA Rules 8210 and 2010.
FINRA is seeking a number of sanctions against Dimco, including monetary sanctions and the costs of the proceeding.
According to BrokerCheck, Dimco worked for Columbia for approximately seven years. She also was previously employed at Charles Schwab and Fidelity.
Columbia Management Investment Distributors is one of the U.S. distribution arms and an affiliate of Columbia Threadneedle Investments, a global asset management group with $645 billion managed for institutional and retail clients globally, as of Dec. 31, 2024.
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