Steven Dale Heath of Newport News, Virginia, a stockbroker registered with Capitol Securities Management, Inc., has been subject of sanctions imposed by Financial Industry Regulatory Authority (FINRA) including the temporary revocation of his securities licensure for failing to pay a fine pertaining to a FINRA disciplinary action containing findings of his improper conduct (June 1, 2017).
Particularly, Heath was fined and suspended from associating with any FINRA member in any capacity based upon consenting to findings that he effected an unsuitable short-term trading strategy in a senior investor’s account who had communicated objectives of investing on a conservative basis. Letter of Acceptance, Waiver and Consent, No. 2014042674201 (Jan. 25, 2017).
According to the AWC, mutual fund trades were recommended for a customer on a short-term basis, where Heath would sell class A shares owned by the customer to buy other class A shares and ultimately cause the customer to sustain losses. Heath was found liable for violating FINRA Rules 2111 and 2010. Moreover, he was found by FINRA to have traded seventeen times in the customer’s account without proper authorization, violating FINRA Rule 2010 and NASD Rule 2510(b).
Heath has been registered with Chelsea Financial Services since August 31, 2017.
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