Edward R. Segur, III, of New York, New York, was fined $7,500.00 and suspended for thirty days from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he opened unauthorized securities accounts and engaged in unauthorized trading. Letter of Acceptance, Waiver and Consent, No. 2015044591701 (May 20, 2016).
According to the AWC, from January through June of 2014, Segur engaged in unauthorized discretionary trading in the account of a firm customer, DI. Apparently, Segur prompted the account to be opened by DI’s husband. The AWC stated that DI’s husband was neither associated with the account, and DI never provided Segur with any written approval for Segur to trade in DI’s customer account.
The AWC further stated that at the time of the trades, Segur’s firm did not approve the client’s account as a discretionary trading account. FINRA found that Segur’s conduct of exercising discretionary authority over DI’s account without DI’s authority to be violative of FINRA Rules 2010 and NASD Rule 2510(b).
This is not the first time that Segur has faced a disciplinary action for regulatory violations. On April 1, 2011, Segur was fined $17,500.00 by the New Hampshire Bureau of Securities Regulation in connection with a Consent Order containing findings that Segur engaged in a cold call of a resident whose information was on a National Do-Not-Call registry.
Additionally, on July 23, 2014, Segur was fined $4,000.00 by the Arkansas Securities Commissioner in connection with a Consent Order containing findings that Segur cold called a resident and made unreasonable recommendations of the purchase of Sandbridge Energy Inc. stock. Apparently, Segur made a number of false and/or misleading statements to the customer concerning the value of such stock and operations of the company.
Public disclosure records reveal that Segur has been subject to two customer disputes as well. On January 1, 2000, Segur settled a customer claim for $5,137.41 after the client claimed that Segur engaged in unauthorized trading. On May 29, 2002, Segur settled a customer dispute for $2,500.00 amid allegations of excessive commissions.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
