Guy Charles Conger of San Antonio Texas is a former stockbroker of Money Concepts Capital Corp who has been fined fifteen thousand dollars and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he (1) utilized discretion in customer accounts in an improper manner and (2) misled customers in his communications with them and (3) mismarked customer order tickets relating to the transactions he effected. Letter of Acceptance Waiver and Consent No. 2016050220701 (Feb. 8 2018).
According to the AWC, between January of 2014 and August of 2016, Conger utilized discretion in an improper manner in the course of effecting two-hundred trades in the joint investment accounts owned by customers GS and RS as well as in GS’ individual retirement account. Apparently, Conger failed to procure GS’ and RS’ written approval to place trades in their accounts on a discretionary basis. Moreover, the firm never authorized the customers’ accounts for purposes of Conger’s discretionary trading. FINRA found that Conger’s conduct in that regard was violative of FINRA Rules 2010 and National Association of Securities Dealers (NASD) Conduct Rule 2510.
The AWC further detailed that Conger was required by Money Concepts Capital Corp to mark order tickets as having been solicited or unsolicited, and was responsible for indicating whether the trades executed in the customers’ accounts were effected on a discretionary basis. Yet, in the course of effecting two hundred trades in GS’ and RS’ accounts between January of 2014 and August of 2016, trades were reportedly marked as non-discretionary when they were indeed executed on a discretionary basis.
The AWC also stated that two thousand order tickets had been marked by Conger as having been unsolicited when they were actually solicited by Conger. Consequently, FINRA found that Conger mismarked order tickets, causing inaccuracies within Money Concepts Capital Corp’s records and books. Conger’s conduct was found by FINRA to be violative of FINRA Rules 2010 and 4511.
Moreover, FINRA stated that between February of 2014 and December of 2015, three compliance attestations had been completed by Conger, where he falsely asserted that he did not exercise discretion in the accounts owned by customers of the firm. Conger’s failure to be forthcoming constituted a violation of FINRA Rule 2010.
The AWC further stated that Conger misled customers in the course of his communications with them. Particularly, in February of 2016, an e-mail was sent by Conger to customer JO, wherein Conger stated that a company’s shares were worth two hundred dollars a share despite Conger lacking any legitimate basis for making that statement.
According to the AWC, Conger made misleading statements to customer RN in the course of Conger’s e-mail communications in May of 2016. Evidently, Conger informed customer RN that commodities would bottom out in 2016, and that the F Fund would be rebounding in 2016 – remarks that FINRA viewed as promissory. Conger also reportedly stated at that time that Company A and other blue-chip stocks should be bought by investors based upon their stock prices having been at a yearly low – a claim which
FINRA concluded was unwarranted. Further, Conger reportedly stated to RN that Company A’s volatility was not a problem because of Company A’s purported one-hundred fifty-eight billion dollars in assets – a remark FINRA viewed as exaggerated.
Further, the AWC stated that Conger made unwarranted and exaggerated claims concerning stocks, opining that several blue-chip stocks, including stocks X, Y and Z, would not incur negative performance for more than seven days. The AWC also revealed that Conger made an unwarranted and misleading comparison of F Fund to cash, and then made unwarranted predictions about Company A’s stock shares being valued at two hundred dollars in the long-run. FINRA found Conger’s misleading, promissory unwarranted, exaggerated, and false statements to be violative of FINRA Rules 2010 and 2210.
FINRA Public Disclosure confirms that on May 22, 2017, a customer initiated investment related complaint concerning Conger’s conduct was settled for $33,000.00 in damages supported by accusations that unauthorized options trades were effected in the customer’s account.
Conger’s registration with Money Concepts Capital Corp was terminated as of February 9, 2017.
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