Douglas Keith Ellman of Boca Raton Florida a stockbroker formerly employed by Shearson Financial Services LLC 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 mismarked thirty-five customers’ order tickets as having been unsolicited when the orders had been solicited by him. Letter of Acceptance Waiver and Consent No. 2015043417506 (Sept. 27, 2016).
According to the AWC, between June of 2013 and August of 2015, six hundred twenty-nine order tickets had been mismarked by Ellman in the accounts belonging to thirty-five customers. The customers’ orders had apparently been solicited by Ellman; however, Ellman made it appear as though the customers had solicited the trades. Ellman reportedly caused the records and books of Shearson Financial Services to maintain inaccuracies as a result. Consequently, FINRA found Ellman’s conduct violative of FINRA Rule 2010 and 4511.
FINRA Public Disclosure reveals that Ellman has been identified in two customer initiated investment related disputes containing accusations of Ellman’s misconduct while employed with Shearson Financial Services. Particularly, on April 15, 2013, a customer filed an investment related complaint involving Ellman’s conduct where the customer requested at least $5,000.00 in damages based upon allegations of Ellman being responsible for the customer’s losses on unit investment trust investments.
Thereafter, on October 20, 2015, a customer initiated investment related complaint concerning Ellman’s activities was settled for $14,999.00 in damages supported by accusations that Ellman mismanaged the customer’s investment portfolio and placed trades without the customer’s permission.
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