Glenn McDowell, of New York, New York, a stockbroker formerly associated with National Securities Corporation, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon a FINRA Office of Hearing Officers’ Default Decision containing findings that McDowell effected unauthorized trades in a customer’s account. Department of Enforcement v. Glenn McDowell, No. 2013035902701 (Mar. 7, 2017).
According to the Decision, from May 24, 2012, to July 26, 2012, McDowell had effected thirty-eight trades in customer DG’s investment account, despite the fact that McDowell lacked DG’s approval to place the trades. The Decision indicated that the customer did not empower McDowell with the authority to exercise discretion in the customer’s account, the customer’s brokerage account was not approved for purposes of discretionary trading by National Securities Corporation, Inc. Stockbrokers like McDowell were evidently prohibited by the firm from effecting trades on a discretionary basis if not for utilizing price and time discretion. By effecting the transactions, McDowell apparently earned $5,300.00. Consequently, FINRA found that McDowell’s conduct was violative of FINRA Rule 2010.
FINRA Public Disclosure reveals that McDowell has been named in three customer initiated investment related disputes concerning allegations of misconduct while he was employed with National Securities Corporation. On October 9, 2012, a customer filed an investment related written complaint involving McDowell’s conduct, in which the customer requested $46,650.00 in damages based upon allegations that McDowell effected unauthorized trades in the customer’s account. The customer additionally alleged that McDowell’s poor management of the customer’s accounts led the customer to sustain investment losses.
Subsequently, on March 20, 2014, a customer filed an investment related written complaint regarding McDowell’s activities based upon allegations that McDowell effected unauthorized over-the-counter equity trades. On January 15, 2015, another customer filed an investment related written complaint involving McDowell’s conduct, in which the customer requested $140,135.00 in damages based upon allegations that McDowell made misrepresentations to the customer regarding over-the-counter equity products.
Since 1998, McDowell has been associated with six different broker dealers, one of which has been expelled by securities regulators for violation of federal securities laws or is otherwise defunct. McDowell’s registration with National Securities Corporation was terminated in February of 2013. McDowell was registered with Woodstock Financial Group, Inc., from May of 2013 to October of 2015.
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