Anthony James Seifert, a stockbroker based in Mount Pleasant, South Carolina, and registered with Kestra Investment Services LLC, has been sanctioned by Financial Industry Regulatory Authority (FINRA) for unauthorized trading. FINRA Letter of Acceptance, Waiver, and Consent (AWC) No. 2022074552101 (January 23, 2025). Seifert consented to a $5,000 fine and a 20-business-day suspension, effective February 18, 2025, through March 17, 2025.
According to the AWC, between January 2021 and March 2022, while associated with Merrill Lynch Pierce Fenner Smith Incorporated, Seifert executed at least 400 unauthorized transactions in five brokerage accounts.
Although customers permitted Seifert to exercise discretion, he failed to obtain written authorization, and the securities broker dealer did not approve the accounts as discretionary. This conduct violated FINRA Rules 3260(b) and 2010, which require written authorization for discretionary trading.
FINRA Public Disclosure shows that Seifert was previously involved in a customer initiated investment related dispute. On February 22, 2022, a customer filed an investment related complaint against Merrill Lynch Pierce Fenner Smith Incorporated, alleging unauthorized trading and unsuitable investment recommendations between March 2021 and February 2022. The dispute was settled on March 2, 2022, for $366,617.85.
Additionally, Seifert’s employment history includes a termination following allegations of misconduct. On March 23, 2022, Merrill Lynch Pierce Fenner Smith Incorporated discharged Seifert for exercising time and price discretion in non-discretionary customer accounts and for using a personal device for business purposes. The securities broker dealer determined that his actions were inconsistent with its internal policies.
Seifert has been registered with Kestra Investment Services LLC and Kestra Advisory Services LLC since May 16, 2022. Before joining Kestra, he was registered with Merrill Lynch Pierce Fenner Smith Incorporated from August 2016 to April 2022.
