Matthew Gregory Zanowiak of Lancaster Pennsylvania a stockbroker currently registered with Cadaret Grant Co. Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Zanowiak made unauthorized trades in a customer’s account during the time that he was associated with Cadaret Grant. Letter of Acceptance Waiver and Consent No. 2019060749103 (June 7, 2021).
According to the AWC, 52 trades had been made by Zanowiak without customer authorization. Those transactions took place in April of 2019 and had affected 15 accounts. Customers did not provide Zanowiak with any written permission to make discretionary trades. The AWC also indicated that Cadaret Grant did not authorize those accounts for purposes of Zanowiak’s discretionary trading. FINRA determined that Zanowiak violated FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
Zanowiak has been identified in three customer initiated investment related disputes regarding accusations of his wrongdoing when he was employed by Cadaret Grant. FINRA Public Disclosure shows that a customer filed an investment related complaint regarding Zanowiak’s activities where the customer sought $13,500.00 in damages based upon allegations that transactions executed in the customer’s account were not suitable and that Zanowiak made misrepresentations to them regarding their investment in a variable annuity.
Another customer initiated investment related complaint regarding Zanowiak’s conduct was resolved for $14,891.90 in damages founded on accusations of false information being provided to the customer in regard to a market value adjustment relating to an asset transfer. Zanowiak is also referenced in a customer initiated investment related written complaint in which the customer requested $8,219.00 in damages supported by allegations that the customer had been provided with faulty financial advice regarding their individual retirement account by Zanowiak during the period that he was associated with Cadaret Grant.
Zanowiak has been registered with Cadaret Grant as a stockbroker since February 4, 2002. He has been registered with Cadaret Grant as an investment adviser representative since April 21, 2009.