Frank J. Bodi, of Atlanta, Georgia, a stockbroker formerly registered with Coastal Equities, Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he effected trades in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. 2014041310601 (Dec. 21, 2016).
According to the AWC, from October of 2013 to September of 2014, trades were effected on a discretionary basis by Bodi in ten customers’ accounts. Apparently, these trades occurred without Bodi having been granted authorization in writing from customers. Additionally, the customers’ accounts had not been deemed approved by Coastal Equities for purposes of discretionary trading. FINRA found that Bodi’s conduct in this regard was violative of FINRA Rule 2010 and NASD Rule 2510(b).
FINRA Public Disclosure reveals that Bodi has been named in thirteen incidents concerning allegations of misconduct. Particularly, on April 28, 1997, a customer initiated investment related arbitration action involving Bodi’s conduct was settled for $20,000.00 in damages based upon allegations that Bodi traded in the customers’ account without requisite authorization. Subsequently, on July 8, 1997, a customer initiated investment related arbitration action concerning Bodi’s conduct was resolved for $60,000.00 in damages based upon allegations that Bodi made investment recommendations that were not suitable for the customer, and which caused the customer to bear investment losses.
Further, on June 8, 1999, a customer was awarded $26,905.00 in damages according to an arbitration claim concerning Bodi’s involvement, based upon allegations that Bodi, while associated with Merrill Lynch, made investment recommendations that were unsuitable, excessively traded in the customer’s account, effected unauthorized trades in the customer’s account, and generated excessive commissions. On January 22, 2002, two customer initiated investment related arbitration actions concerning Bodi’s activities were resolved for a total of $294,000.00 in damages based upon allegations that trades were effected by Bodi that were neither suitable nor authorized by the customers.
Subsequently, on September 26, 2002, a customer initiated investment related arbitration claim involving Bodi’s conduct was settled for $25,000.00 in damages based upon allegations that Bodi made unsuitable investment recommendations to the customer. Finally, on July 12, 2010, a customer initiated investment related arbitration action regarding Bodi’s involvement was settled for $25,000.00 based upon allegations that Bodi made investment recommendations which were not suitable, and traded in the customer’s account without authorization.
Bodi’s registration with Coastal Equities, Inc. ended on September 1, 2016. Since September 7, 2016, he has been registered with IFS Securities.
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