James Dee Carlson, of Greensboro, North Carolina, a stockbroker formerly employed with UBS Financial Services, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by consenting to findings that he executed trades in customer accounts without authorization from the customers or firm. Letter of Acceptance, Waiver and Consent, No. 2016049409001 (Jan. 10, 2018).
According to the AWC, from October of 2014 to June of 2015, during the time that Carlson was associated with UBS, he had placed thirty-nine transactions in thirteen customers’ accounts even though he lacked written approval from the customers to place trades in their accounts on a discretionary basis. The firm evidently did not approve the customers’ accounts for purposes of discretionary trading. FINRA found that by Carlson exercising discretion in the non-discretionary accounts, he violated FINRA Rules 2010 and NASD Conduct Rule 2510(b).
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