Charles Terrence Lundell of Bellevue, Washington, a stockbroker formerly registered with First Allied Securities, Inc., has been fined $5,000.00 and suspended for a month from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he effected unauthorized trades in customers’ investment accounts. Letter of Acceptance, Waiver and Consent, No. 2017053736201 (Nov. 6, 2017).
According to the AWC, in January and February of 2017, discretion had been exercised by Lundell to effect purchases of an estimated $252,912.00 worth of four equity securities listed on the New York Stock Exchange for five customers’ accounts. Apparently, on February 17, 2017, discretion was exercised by Lundell to effect the sale of an estimated $65,788.00 worth of one equity listed on the NYSE in a customer’s account.
The AWC stated that no written authorization had been obtained by Lundell from customers to warrant his discretionary trading in their accounts. Further, the accounts were not accepted by First Allied Securities, Inc. for purposes of trading to be effected on a discretionary basis. Consequently, FINRA found Lundell’s unauthorized trading in the firm’s customer accounts to be violative of FINRA Rules 2010 and NASD Conduct Rule 2510(b).
FINRA Public Disclosure confirms that on March 1, 2017, First Allied Securities, Inc. fired Lundell for exercising discretionary power in a customer’s account without ever having gained the firm’s authorization; conduct violative of the firm’s policies. Lundell has also been fired from a previous employer, Prudential Securities Incorporated, based upon allegations that he violated the firm’s compliance guidelines.
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