Steven Paul Colacurcio, of Boynton Beach, Florida, a stockbroker with Dawson James Securities, Inc., was 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 engaged in the unauthorized discretionary trading of customer accounts. Letter of Acceptance, Waiver and Consent, No. 2014043592102 (August 10, 2016).
According to the AWC, from July of 2013 through January of 2014, while registered with Raymond James, Colacurcio had effected discretionary trades in the account of a customer. Apparently, Colacurcio effected eleven transactions in the customer’s account, despite not having the customer’s prior written consent.
The AWC also indicated that the firm had not approved the aforementioned customer’s account to be discretionary. As such, FINRA found that Colacurcio’s unauthorized discretionary trading in the customer’s account was violative of FINRA Rules 2010 and NASD Rule 2510(b).
Public disclosure records reveal that Colacurcio has been subject to seven disclosure incidents. On June 3, 2002, Colacurcio was named in a customer dispute in which the customer alleged that her paperwork was forged, and that the client had never opened up an account with the firm.
On May 20, 2008, Colacurcio settled a customer dispute for $11,820.00 after the client alleged that Colacurcio misled the customer concerning the risk of market loss pertaining to investments. On December 22, 2008, Colacurcio settled another customer dispute for $26,498.00 after the customer claimed an annuity had been misrepresented to the customer.
On February 19, 2009, Colacurcio was named in another customer dispute, where the customer requested $65,267.45 in damages amid allegations against Colacurcio of negligence, breach of fiduciary duty, and breach of contract. On February 24, 2009, a customer lodged a complaint against Colacurcio, claiming $39,000.00 in damages after alleging that purchases of variable annuities and a mutual fund investment were not suitable. In 2009, Colacurcio migrated from Raymond James Financial to Dawson James Securities, and it is uncertain if his customer realized that he changed firms.
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