Murry Meir Shapero of Miami Florida a stockbroker currently registered with Maxim Group LLC has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he placed unauthorized trades in accounts of seventy-five Maxim Group customers. Letter of Acceptance Waiver and Consent No. 2018056487801 (Nov. 29, 2019).
According to the AWC, between April 1, 2017 and June 30, 2017, one thousand one options transactions had been effected in customer accounts by Shapero on a discretionary basis to advance an options strategy that was utilized by the stockbroker in customer accounts. Trades were placed by Shapero without receiving permission from customers on the days that he placed the trades. At no point did Shapero procure written authorization from the customers.
The AWC also stated that discretionary trading was prohibited by Maxim Group during the period in which Shapero executed the trades, and there was no point where the securities broker dealer had authorized those customer accounts for purposes of Shapero’s discretionary trading by exception. FINRA found Shapero’s trading to be violative of FINRA Rules 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
FINRA Public Disclosure also reveals that Shapero is the subject of a customer initiated investment related arbitration claim which was settled for $17,500.00 in damages supported by allegations that when Shapero was employed by D.H. Blair Co., there was negligent handling of the customer’s investment portfolio, omissions and misrepresentations made in reference to investments; unauthorized trading in the customer’s account; and bad investment advice which caused the customer to experience losses.
