Glenn Edwin Bridwell Jr. (also known as Ed Bridwell), of Wichita, Kansas, a stockbroker registered with FBL Marketing Services LLC, has been fined $5,000.00 and suspended for 10 days from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Bridwell engaged in discretionary trading in customer accounts during the time that he was associated with FBL Marketing Services LLC. Letter of Acceptance, Waiver, and Consent No. 2022074599001 (September 4, 2024).
FINRA Rule 3260(b) requires that stockbrokers get written permission from a customer before they can make any decisions or trades on the customer’s behalf (known as exercising discretionary power). The securities broker dealer also has to formally approve the account for discretionary trading. Without these permissions, the stockbroker isn’t allowed to make trades for the customer unless they get explicit instructions for each trade. These safeguards are in place to protect customers from unauthorized trading and ensure transparency.
Between November 9, 2020, and November 12, 2020, Glenn Edwin Bridwell Jr. made 494 trades in the accounts of 46 customers without following the procedures. Customers never gave him written permission. Additionally, Bridwell’s employer, FBL Marketing Services LLC, did not officially approve these accounts for discretionary trading, which means they weren’t authorized to operate in this way.
By failing to get customers’ written authorization and FBL Marketing Services’ approval, Bridwell violated FINRA Rules 3260(b) and 2010.
FINRA Public Disclosure also shows that on October 25, 2022, a customer initiated investment related complaint involving Bridwell’s conduct was settled for $41,000.00 in damages based upon alleged unauthorized trading in mutual funds during the time that Bridwell was associated with FBL Marketing Services LLC.
Bridwell Jr. has been associated with FBL Marketing Services LLC, in Wichita, Kansas, since January 13, 1988.
