Damian Mark Baird of Boston, Massachusetts, a stockbroker registered with Moors Cabot Inc., is the subject of an enforcement action initiated by the Financial Industry Regulatory Authority in which the regulator is seeking sanctions against Baird based upon allegations that Baird failed to provide information and documents and had failed to testify in an investigation. Department of Enforcement v. Baird, Complaint No. 2023077669201 (September 29, 2023).
On February 27, 2023, Moors Cabot filed a Uniform Termination Notice for Securities Industry Registration, indicating that Baird voluntarily resigned from Moors Cabot on February 24, 2023.
Following his resignation, Moors Cabot filed an amendment to Baird’s Form U5 on March 20, 2023. This amendment disclosed a customer complaint received on March 1, 2023. The complaint indicated that a married couple, who were customers of Baird, wrote a check for $50,000 for deposit into their account overseen by Baird. However, concerns arose when the bank’s fraud department contacted the couple, suggesting that the check presented for payment on February 24, 2023, might have been altered to be payable to Damian Baird.
According to the regulator, Baird did not comply with the Department of Enforcement’s requests for documents and information on two separate instances. The requests were pertinent to determining whether Baird violated certain FINRA Rules, including potential violations related to discovery in FINRA arbitrations and separate concerns about whether he might have altered a customer check and tried to convert customer funds.
Additionally, Baird did not appear and provide the testimony that was requested of him by the regulator. This testimony was vital to the investigation regarding the potential alteration of a customer check and any attempts to convert customer funds. Due to his failure to appear for this testimony, Baird is alleged to have obstructed FINRA’s investigation in violation of FINRA Rules 2010 and 8210.
FINRA Public Disclosure shows that Baird is referenced in five customer initiated investment related disputes concerning Baird’s conduct while associated with securities broker dealers. On December 30, 2008, a customer filed an investment related complaint involving Baird’s conduct in which the customer requested compensatory damages based upon allegations that Baird recommended investing in RMUNX, which the customer believed did not meet their specified criteria of being as close to a cash equivalent as possible, when Baird was associated with HSBC Securities (USA) Inc.
On March 21, 2005, a customer initiated investment related NASD securities arbitration claim involving Baird’s conduct resulted in the customer being awarded $49,963.06 in compensatory damages because Baird and HSBC Brokerage (USA) Inc. were held liable for sales practice violations. NASD Arbitration No. 03-04471. The Statement of Claim alleged Baird breached a contract, committed common law fraud, made misrepresentations of material fact, and failed to follow customer instructions in connection with the sale of mutual funds and unit investment trust when Baird was associated with HSBC Brokerage (USA) Inc.
Baird is also referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $42,000.00 in damages based upon allegations that Baird made unsuitable investment recommendations in connection with the sale of variable annuities when Baird was associated with HSBC Securities (USA) Inc. NASD Arbitration No. 05-02715 (May 28, 2005).
On March 1, 2023, another customer filed an investment related complaint involving Baird’s conduct in which the customer requested $50,000.00 in damages based upon allegations that after being contacted by their new advisor, they opened an account which was never funded and wrote a check for that amount. However, the bank’s fraud department raised concerns that the check, which was presented for payment on February 24, 2023, might have been altered.
Baird was associated with Moors Cabot Inc. in Boston, Massachusetts from June 5, 2020, to February 27, 2023; Morgan Stanley in Williamsville, New York from November 16, 2018, to May 22, 2020; and UBS Financial Services Inc. in Buffalo, New York from December 6, 2013, to November 27, 2018.