Michael Joseph David Kane of Virginia Beach Virginia a stockbroker currently registered with Davenport Company LLC has been fined $2,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in unauthorized trading during the period in which he was associated with the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2018059155702 (July 30, 2019).
According to the AWC, between April of 2017 and August of 2017, sixty-four discretionary trades had been executed by Kane in nineteen accounts belonging to Davenport Company customers. The AWC stated that there was no written authorization provided by customers which permitted the stockbroker’s exercise of discretion in their accounts. Also, there was no point in which Davenport Company authorized those accounts for purposes of discretionary trading by the stockbroker. FINRA found Kane’s conduct violative of FINRA Rules 2010 and National Association of Securities Dealers (NASD) 2510(b).
Kane has been registered with Davenport Company since October 17, 1994.
