Glenn Allen Donnell, of Crystal River, Florida, a stockbroker registered with Securities America Inc., has been fined $12,500.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Donnell engaged in unauthorized trading and mismarked order tickets to avoid detection. Letter of Acceptance, Waiver, and Consent No. 2021072340501 (December 18, 2024).
According to FINRA, from July of 2019 to January of 2023, Donnell exercised discretionary authority in customer accounts without first obtaining the required written authorization. Although his customers had granted him consent to make decisions on their behalf, Donnell never obtained the necessary written documentation that is mandated under industry rules. The AWC stated that Donnell effected 280 unauthorized transactions during the time he was associated with Investacorp Inc., Securities America Inc., and Sigma Financial. Therefore, he violated FINRA Rules 2010 and 3260(b).
In addition, FINRA found that Donnell caused the securities broker dealers with which he was associated to maintain inaccurate records. This stemmed from him incorrectly labeling 1,100 solicited trades as unsolicited from July of 2019 to January of 2023. These transactions all involved marijuana-related securities, which are traded over the counter.
Donnell falsely confirmed to Securities America compliance personnel that the trades were unsolicited when they were, in fact, solicited—meaning he recommended them to his customers. At Sigma Financial, he mismarked the trades as unsolicited to circumvent a system that automatically blocked solicited over-the-counter trades.
Donnell’s suspension was scheduled from August 19, 2024, through December 18, 2024.
FINRA Public Disclosure also shows that on January 4, 2000, a customer filed an investment related complaint involving Donnell’s conduct in which the customer requested damages based upon allegations that Donnell engaged in unauthorized trading and made unsuitable recommendations in mutual funds when Donnell was associated with Merrill Lynch Pierce Fenner Smith Inc. This complaint was denied.
Donnell was also referenced in a customer initiated investment related complaint filed on August 14, 2002, in which the customer requested $36,000.00 in damages based upon allegations that Donnell made unsuitable recommendations in variable annuities when Donnell was associated with Investacorp.
Donnell was associated with Sigma Financial Corporation in Crystal River, Florida from July 21, 2021 to September 11, 2023. He was also associated with Securities America Inc. in Crystal River, Florida from July 17, 2020 to July 28, 2021, and Investacorp Inc. in Crystal River, Florida from December 15, 1998 to July 17, 2020.
