Debasish Hajra (also known as Dave Hajra) of Marietta Georgia a stockbroker formerly registered with Wells Fargo Clearing Services LLC has been fined $5,000.00 and suspended for thirty days from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that unauthorized unit investment trust and bond trades were executed in a customer’s account while Hajra was associated with Wells Fargo Clearing Services. Letter of Acceptance Waiver and Consent No. 2019064919301 (Aug. 20, 2021).
According to the AWC, between June of 2018 and July of 2018, nine unauthorized trades had been effected by Hajra in the account of a deceased customer. FINRA indicated that the customer held an account with the securities broker dealer and Hajra was designated as the stockbroker on their account. Since 2014 the account at Wells Fargo had been classified as a nondiscretionary trading account. Hajra and the customer spoke about Hajra making trades of bonds and unit investment trusts but none of those transactions had been executed by Hajra by the time that the customer passed away.
The AWC stated that the first unauthorized transaction was effected by Hajra on June 26, 2018 which was 18 days following the customer’s death. According to the AWC, from June 28, 2018 to July 18, 2018, eight more trades were made by Hajra. Trades collectively involved $526,966.00 in principal value.
FINRA determined that Hajra violated Rule 2010 for unauthorized trading.
FINRA Public Disclosure shows that Hajra is the subject of a customer initiated investment related written complaint which was resolved for $24,362.72 in damages based upon accusations that unauthorized mutual fund transactions were executed in the customer’s account during the period that Hajra was associated with McLaughlin Piven Vogel Securities Inc. According to the complaint, the customer was not provided with the chance to get better prices including breakpoint discounts on mutual fund transactions.
Hajra has been terminated by two securities broker dealers for improper conduct. He was discharged by McLaughlin Piven Vogel Securities based upon allegations that he violated firm policy. Hajra was discharged by Wells Fargo Clearing Services on November 21, 2019 supported by accusations of unauthorized trading of securities in a customer’s account.
Since December 20, 2019, Hajra has been registered with Benjamin F. Edwards Company Inc. as a stockbroker. Since January 3, 2020, he has been registered with that firm as an investment adviser representative.