Bradley S. Lay (also known as Brad Lay), of Columbia, Tennessee, a stockbroker formerly registered with Raymond James Associates Inc., has been fined $7,500.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Lay engaged in unauthorized trading of customer accounts while he was associated with Raymond James Associates. Letter of Acceptance, Waiver, and Consent No. 2019063909501 (December 6, 2021).
According to the AWC, between June 12, 2019, and July 16, 2019, Lay executed unauthorized trades. Lay’s actions affected three customers’ accounts, where he would buy and sell securities totaling $184,000.00 without getting customers’ authorizations at the time of the trades. The AWC states that Lay also effected $104,000.00 in trades in a fourth customer’s account. Lay relayed in Raymond James Associates’ communications systems that he communicated with the fourth customer at the time of trades, but he did not communicate with them until days after placing trades. FINRA found that Lay violated Rule 2010 for unauthorized trading.
Lay was registered with Raymond James Associates as a stockbroker and investment adviser representative between February 13, 2013, and August 16, 2019. He was discharged by the securities broker dealer founded on allegations of unauthorized trades.