John Charles Barnes of Naples, Florida, a stockbroker formerly registered with RBC Capital Markets LLC, has been fined $5,000.00 and suspended for one month from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because of Barnes’ unauthorized trading in customer accounts during the time that he was associated with RBC Capital Markets LLC. Letter of Acceptance, Waiver, and Consent No. 2019062419801 (September 1, 2022).
According to the AWC, while associated with RBC Capital Markets LLC, from May 2016 through March 2019, Barnes exercised discretion without written authorization from his customers. His discretionary trading involved 432 transactions dealing with the accounts of 9 customers. While Barnes did have implied authorization to exercise discretion in the accounts, he failed to get written authorization that is required by both his employer and NASD Rule 2510(b). Additionally, RBC did not accept the accounts as discretionary. Accordingly, Barnes violated FINRA Rule 2010 and NASD Rule 2510(b).
RBC Capital Markets LLC discharged Barnes based upon accusations that Barnes violated firm policy regarding order execution.
Barnes was associated with RBC Capital Markets LLC as a stockbroker and an investment adviser representative from March 9, 2002, through April 24, 2019. Barnes has been registered with Wilmington Capital Securities as a stockbroker since April 15, 2019, and registered as an investment adviser representative since October 22, 2019.
