Stephen James Sullivan, of Garden City, New York, 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 traded in two customers’ investment accounts on a discretionary basis. Letter of Acceptance, Waiver and Consent, No. 2014039219802 (Feb. 3, 2016).
According to the AWC, Sullivan exercised discretion in the customers’ accounts even though the customers never authorized the activities on the days trades were placed. Moreover, the firm did not consider the customers’ accounts as approved for purposes of discretion to be exercised by Sullivan. Consequently, FINRA found that Sullivan’s conduct was violative of FINRA Rules 2010 and NASD Rules 2510(b).
FINRA Public Disclosure confirms that on November 5, 2010, a customer filed an investment related written complaint involving Sullivan’s conduct, in which the customer requested $27,591.10 in damages founded upon allegations that Sullivan effected unauthorized stock trades in the customer’s investment account.
On December 7, 2016, Sullivan became registered with Newbridge Securities Corporation. Since November 2, 1998, Sullivan has been associated with twelve different broker dealers, nine of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
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