Beaconsfield Financial Services, Inc., a broker-dealer headquartered in Canonsburg, Pennsylvania, has been censured and fined $12,500.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise private securities transactions facilitated by one of the firm’s registered representatives. Letter of Acceptance, Waiver and Consent, No. 2016047658101 (Feb. 27, 2017).
According to the AWC, during the period in which a Beaconsfield registered representative was associated with the firm, he was also associated with a registered investment advisor which Beaconsfield was not affiliated with. The AWC revealed that the registered representative’s work with the investment advisor was authorized outside business activity; however, the registered representative went a step farther by engaging in private securities transactions.
Particularly, the AWC stated that private securities transactions were facilitated by the registered representative via the registered investment advisor, in which certain transactions involved several of Beaconsfield’s customers. Yet, none of the transactions had been supervised by Beaconsfield, nor entered into the records and books of the firm. Consequently, the firm’s conduct was found by FINRA to be violative of FINRA Rules 2010, 3110, and 3280, as well as NASD Rule 3010 and 3040.
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