Ignacio Erhart Del Campo of Boca Raton Florida a stockbroker formerly registered with Northeast Securities Inc. has been fined $7,500.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Erhart Del Campo executed unauthorized trades in the customer’s account resulting in losses. Letter of Acceptance Waiver and Consent No. 2019064055402 (Mar. 31, 2021).

According to the AWC, between November 1, 2013 and June 4, 2017, when Erhart Del Campo was registered with Northeast Securities, he effected discretionary trades in a customer’s account. The stockbroker executed trades only after having discussed a trading strategy with the customer on an annual or a semi-annual basis.

There was no point in which the stockbroker procured written permission to make discretionary trades. He was prohibited under Northeast Securities’ policies from exercising discretionary power in customer accounts unless he maintained the customer’s written authorization.

FINRA stated that Erhart Del Campo was prompted by Northeast Securities to complete a questionnaire in regard to his trading activities. He falsely stated in that questionnaire that he did not service customer accounts using discretion.

The AWC also stated that the customer died on June 4, 2017. Erhart Del Campo did not know about the customer’s death so he traded for two years following the customer’s death without any authorization. His unauthorized trading in the customer’s account following the customer’s death resulted in $19,189.00 in net losses. Erhart Del Campo violated FINRA Rule 2010 in this regard.

The regulator indicated that 77 trades had been effected by Erhart Del Campo between June 9, 2017 and May 29, 2019. This involved $500,000.00 worth of securities purchases and sales. Transactions were made by Erhart Del Campo at Northeast Securities and at Insigneo Securities.

Erhart Del Campo was registered with Northeast Securities between June 18, 2012 and July 31, 2017. He was registered with Insigneo Securities between July 31, 2017 and September 23, 2019 at which point he was discharged based upon allegations of his unauthorized trading and his mismarking of customer order tickets.

Tags: ,

Comments are closed.