Patricia Gail Peterson of Henderson Nevada a stockbroker formerly employed by WFG Investments Inc. has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she effected trades in customer accounts without written authorization. Letter of Acceptance Waiver and Consent No. 2015047070601 (Nov. 9, 2017).
According to the AWC, between April 14, 2015 and August 21, 2015, during the time that Peterson was associated with WFG Investments, she exercised discretion in nine customers’ accounts, placing twenty-one trades in total. Evidently, no written authorization had been provided by the customers to warrant Peterson’s trading in their accounts, and WFG Investments did not authorize those accounts to be traded on a discretionary basis. FINRA concluded that Peterson’s unauthorized trading was violative of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
Peterson was ultimately discharged from WFG Investments on September 16, 2015, based upon accusations that she failed to abide by the firm’s discretionary trading policy as well as procedures for administration of customer account documentation. Peterson has been associated with Innovation Partners LLC since January 8, 2018.
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