David Khezri, of Holbrook, New York, a stockbroker formerly registered with Cape Securities, Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected unauthorized trades in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2015044589701 (Sept. 11, 2015).
According to the AWC, from March of 2014 to February of 2015, one-hundred trades had been effected in the accounts of six customers by Khezri, even though the customers had not authorized the transactions. Additionally, Cape Securities, Inc. did not provide Khezri with authorization to exercise discretion in the affected customer’s accounts. FINRA found Khezri’s conduct to be violative of FINRA Rule 2010 and NASD Rule 2510(b).
FINRA Public Disclosure reveals that on February 7, 2005, a customer filed an investment related written complaint involving Khezri’s conduct, in which the customer requested $49,000.00 in damages based upon allegations that Khezri effected over-the-counter equity trades in the customer’s account on an excessive basis.
Khezri’s registration with Cape Securities Inc. has been terminated on June 30, 2015. On July 7, 2015, he became registered with Joseph Stone Capital L.L.C. Since July 17, 1996, Khezri has been associated with ten different broker dealers, eight of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
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