Eugene Nathan Gordon (also known as Gene Gordon) of Palo Alto California a stockbroker currently employed by Fortune Financial Services has been issued an Order of Summary Revocation and Issuance of Restricted License by California Department of Insurance supported by allegations of Gordon having failed to disclose sanctions imposed against him by Financial Industry Regulatory Authority (FINRA) for engaging in unauthorized trading. Case No. OBS3930A (Apr. 6, 2020).
Gordon has been fined $5,000.00 and suspended by FINRA from associating with any member in any capacity based upon consenting to findings that he executed mutual fund trades and distributions in a customer’s account without permission. Letter of Acceptance Waiver and Consent No. 2018057579701 (Nov. 27, 2019).
According to the AWC, when Gordon was associated with Morgan Stanley, he facilitated trades based on instructions by the customer’s spouse who was an unauthorized person on the customer’s individual retirement account. Gordon was prohibited from trading according to a third party’s instructions absent the customer providing written consent to him beforehand.
FINRA stated that $317,704.88 in distributions had been effected from the customer’s account. The regulator also noted that Gordon provided to Morgan Stanley information which falsely reflected that he took instructions from the customer for transactions.
FINRA Public Disclosure also confirms that on April 13, 2020, a customer initiated investment related complaint concerning Gordon’s activities was resolved for $150,000.00 in damages founded on accusations that unauthorized trades were placed in the customer’s Morgan Stanley account by Gordon between 2010 and 2017.
Gordon was discharged by Morgan Stanley for unauthorized trading.
