Wyoming License Law
A Wyoming broker who holds client funds in a trust account and uses them for personal expenses has committed:
AA minor bookkeeping error
BConversion (misappropriation) of client funds, a serious crime and license violation✓ Correct
CA tax planning strategy
DA permissible use if the broker intends to repay the funds
Explanation
Conversion (misappropriation) is the unauthorized use of client funds for personal purposes. It is both a criminal offense and grounds for immediate license revocation in Wyoming.
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Key Terms to Know
State-Specific Concepts
Trust Account Rules
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