Finra has barred a Redlands, Calif., broker for allegedly stealing $4.2 million from two trust funds, including one belonging to a victim of Alzheimer’s disease.

A complaint filed by the Financial Industry Regulatory Authority Inc. (Finra) charges a Redlands, Calif., investment broker with draining $4.2 million from two trust funds, including one belonging to a victim of Alzheimer’s disease.

John Thornes has been barred from associating with any Finra member and Thornes & Associates Inc. Investment Securities has been expelled from Finra, the authority announced July 18. Thornes consented to the penalty under an agreement  with the Financial Industry Regulatory Authority in which he neither admitted to nor denied the allegations.

Thornes and the firm made unsecured loans from two trust funds of his clients, according to Finra. The loans were made to friends of Thornes and used to pay for jets and casino gambling, among other things, Finra says.

One victim was a 77-year-old woman with Alzheimer’s disease who lived in a nursing home. Her $2 million trust was drained of about $1.7 million, according to the complaint.

The second trust fund belonged to a friend of Thornes’ parents and was supposed to be used for educational scholarships. Fictitious loans, which were never repaid, took $2.5 million from the $3 million trust, Finra said. The scheme allegedly took place between 2010 and 2013.