Joel Christopher Riedel of Lockport, New York, a stockbroker registered with NYLIFE Securities LLC, has been fined $10,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in unauthorized trading and mismarked an order ticket when he was associated with NYLIFE Securities. Letter of Acceptance, Waiver, and Consent No. 2020068533001 (December 30, 2022).
According to the AWC, from May of 2018 to September of 2020, during the time that he was associated with NYLIFE Securities, Riedel caused his firm to maintain inaccurate books by mismarking UIT transactions in 32 accounts as unsolicited when in fact, they were solicited. Riedel continued to mismark the transactions even after being warned by his firm.
Riedel also sold and purchased a different UIT in a customer’s account on July 26, 2018, and again on February 19, 2019, without obtaining authorization from the customer. Ultimately, the customer complained to the firm in February 2019. FINRA found that Reidel violated Rules 2010 and 4511.
FINRA Public Disclosure shows that a customer initiated investment related complaint involving Riedel’s conduct was settled for $434,396.65 in damages on August 27, 2021, based upon allegations that Riedel engaged in unauthorized trading in unit investment trusts when he was associated with NYLIFE Securities LLC.
Riedel was associated with NYLIFE Securities LLC in Lockport, New York, as a stockbroker between January of 2011 and November of 2020. NYLIFE Securities discharged Riedel on October 30, 2020, based upon allegations that Riedel engaged in unauthorized trading in UITs.