M&T Securities, Inc.
M&T Bank was contacted by a family member of Mr. Vesneske alleging that Mr. Vesneske, using a Power of Attorney granted to him by the family member, had improperly used the family member's personal assets for his own benefit. M&T Securities, together with M&T Bank, has interviewed the family member, Mr. Vesneske, and has conducted additional surveillance activities.
I WRITE IN REGARD TO A TERMINATION DISCLOSURE SUBMITTED BY M&T SECURITIES, INC. WHICH IS REPORTED ON MY BROKERCHECK REPORT FILED WITH FINRA AND IN PART I OF THE INTERNAL REVIEW DRP SECTION OF FORM U-5. THIS LETTER CONSTITUTES MY SUMMARY OF THE EVENT LEADING TO MY DISCHARGE FROM M&T SECURITIES, INC. IN PART II OF THE INTERNAL REVIEW DRP OF FORM U-S.
I AM THE YOUNGEST OF MY FATHER'S, FIVE CHILDREN. THROUGHOUT MY LIFE, I HAVE CONTINUOUSLY HAD A POSITIVE, HEALTHY RELATIONSHIP WITH MY FATHER. THROUGHOUT MY ADULT LIFE, MY FATHER HAS PROVIDED ME WITH SUBSTANTIAL FINANCIAL SUPPORT, INCLUDING PURCHASING A HOME, HOME IMPROVEMENTS AND MAINTENANCE, AND PERSONAL FAMILY EXPENSES.
FOLLOWING MY MOTHER'S PASSING IN 2015, MY FATHER APPOINTED ME AS HIS ATTORNEY-IN-FACT IN A PROPERLY EXECUTED NEW YORK STATUTORY SHORT FORM POWER OF ATTORNEY. MY FATHER GRANTED ME AS HIS ATTORNEY-IN-FACT AUTHORITY OVER HIS BANKING TRANSACTIONS. HE ALSO AUTHORIZED ME TO USE HIS PERSONAL FUNDS, INCLUDING THOSE FUNDS IN HIS ACCOUNT WITH M&T BANK, FOR PERSONAL EXPENSES. AS SUCH, MY FATHER WAS ACCUSTOMED TO, AND HAD NO ISSUE WITH, ME WITHDRAWING FUNDS FROM HIS PERSONAL BANK ACCOUNTS FOR MY PERSONAL USE.
IN MARCH 2020, COVID-19 AND THE RELATED SHUTDOWN ORDERS WENT INTO EFFECT IN NEW YORK. MY OLDER BROTHER IS [REDACTED] AND CANNOT LIVE ALONE SO HE HAS LIVED WITH MY FATHER FOR HIS ENTIRE LIFE. MY OLDER SISTER RECENTLY MOVED IN WITH MY FATHER, CAUSING INCREASED STRAIN TO MY FATHER DURING AN ALREADY STRESSFUL TIME. DURING THE EARLY MONTHS OF THE PANDEMIC, I WAS UNABLE TO COMMUNICATE OR VISIT WITH MY FATHER AS FREQUENTLY AS I HAD PRE-COVID. I DID CONTINUE TO TAKE ADVANCES FROM MY FATHER'S M&T BANK ACCOUNT BECAUSE MY FATHER HAD AUTHORIZED ME TO DO SO AND HAD CONTINUOUSLY PROVIDED FINANCIAL SUPPORT TO ME IN MANY OTHER INSTANCES.
MY FATHER AND SISTER BECAME CONCERNED WHEN THEY SAW WITHDRAWALS FROM MY FATHER'S M&T BANK ACCOUNT. BEFORE I COULD DISCUSS THE WITHDRAWALS WITH MY FATHER, HE EXPRESSED CONCERNS TO M&T BANK THAT THE WITHDRAWALS WERE UNAUTHORIZED. MY SISTER, WHO WAS MY FATHER'S CLOSEST FAMILIAL CONTACT DURING THAT TIME, CONVINCED HIM TO REVOKE HIS PRIOR POWER OF ATTORNEY AND EXECUTE A NEW POWER OF ATTORNEY, APPOINTING HER AS HIS NEW AGENT.
THE CIRCUMSTANCES LEADING UP TO MY DISCHARGE WITH M&T SECURITIES AROSE FROM A MISUNDERSTANDING BETWEEN FAMILY MEMBERS, WHICH HAS SINCE BEEN RESOLVED INTERNALLY. UNFORTUNATELY, BECAUSE MY FATHER HAD ALREADY INVOLVED M&T BANK, I BECAME THE SUBJECT OF INTERNAL REVIEW AND WAS EVENTUALLY DISCHARGED. IT IS MY UNDERSTANDING THAT MY FATHER REGRETS BRINGING THIS PERSONAL DISPUTE TO THE ATTENTION OF M&T BANK AND DID NOT INTEND TO FILE A COMPLAINT AGAINST ME. SUBMITTED HEREWITH IS MY FATHER'S EXPLANATION OF THE CIRCUMSTANCES LEADING TO MY DISCHARGE IN FURTHER SUPPORT OF THE BASELESS NATURE OF M&T SECURITIES, INC.'S TERMINATION DISCLOSURE.
FOR THESE REASONS, M&T SECURITIES, INC.'S TERMINATION DISCLOSURE RESPONSE TO QUESTION 7F ON FORM U-5 IS INACCURATE BECAUSE MY FATHER DID NOT ALLEGE THAT I (A) VIOLATED INVESTMENT-RELATED STATUTES, REGULATIONS, RULES OR INDUSTRY STANDARDS OF CONDUCT OR (B) WAS INVOLVED IN FRAUD OR THE WRONGFUL TAKING OF PROPERTY. NOTABLY, I HAD MY FATHER'S EXPRESS PERMISSION TO USE HIS BANK ACCOUNTS FOR PERSONAL EXPENSES, BOTH UNDER THE PROPERLY EXECUTED NEW YORK STATUTORY SHORT FORM POWER OF ATTORNEY IN PLACE AT THE TIME AND THROUGH HIS OWN PERSONAL DIRECTIVES. MOREOVER, M&T SECURITIES HAS FAILED TO IDENTIFY ANY SPECIFIC INDUSTRY STANDARD OF CONDUCT OR COMPANY POLICY THAT I ALLEGEDLY VIOLATED. FINALLY, M&T SECURITIES, INC. DID NOT COMPLETE THEIR INVESTIGATION OF MY FATHER'S PURPORTED COMPLAINT PRIOR TO DISCHARGING ME. AS SUCH, THE INFORMATION CONTAINED IN FORM U-5 AND REPORTED ON MY BROKERCHECK REPORT IS INACCURATE AND MISLEADING.