Phillip Hinze, of Golden Valley, Minnesota, a stockbroker formerly registered with Oak Ridge Financial Services Group, Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected trades in a customer’s investment account without authorization. Letter of Acceptance, Waiver and Consent, No. 2016051594901 (Mar. 17, 2017).
According to the AWC, in September of 2016, Hinze placed two orders for shares of four exchange traded funds to be purchased in the customer’s investment account. Apparently, the purchases, which totaled $51,657.00, had not been approved by the customer prior to being effected by Hinze. The AWC stated that Hinze’s unauthorized trading led the customer to file a complaint with Oak Ridge Financial Services.
FINRA found that Hinze’s conduct was violative of FINRA Rule 2010.
FINRA Public Disclosure reveals that Hinze was terminated by Oak Ridge Financial Services Group on September 28, 2016, based upon allegations of Hinze’s unauthorized trading in the customer’s account.
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