John Isaac Roach, of Beachwood, Ohio, a stockbroker formerly registered with CCO Investment Services Corp., 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 placed unauthorized mutual fund trades in a customer’s account. Letter of Acceptance, Waiver and Consent, No. 2014040641901 (Sept. 13, 2017).
According to the AWC, a $32,000.00 mutual fund purchase was effected by Roach on December 13, 2012, and a $30,000.00 mutual fund purchase was effected by him on March 3, 2014. In both cases, the customer never authorized Roach to consummate the transactions. The AWC indicated that neither the firm nor the customer provided written consent to Roach for exercising discretion in the customer’s account. FINRA found that Roach’s conduct was violative of FINRA Rules 2010 and NASD Rule 2510(b).
FINRA Public Disclosure reveals that on May 17, 2017, a customer initiated investment related written complaint involving Roach’s conduct was settled for $50,000.00 in damages based upon allegations that Roach effected unit investment trust and annuity transactions that were neither suitable nor authorized between 2011 and 2014 – the timeframe in which Roach was registered with Citizens Securities, Inc.
CCO Investment Services Corp. fired Roach on September 15, 2014, based on allegations against Roach of unauthorized trading. On December 22, 2014, he became associated with International Assets Advisory, LLC.
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