Paul Andrew Spero of Liverpool New York a stockbroker formerly registered with Cadaret Grant Co. Inc. has been fined $5,000.00 and suspended for fifteen days from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that he effected unauthorized trades in a customer’s account. Letter of Acceptance Waiver and Consent No. 2019061646405 (Apr. 26, 2021).
According to the AWC, between January 18, 2018 and July 9, 2018, approximately 105 trades were executed by Spero in 70 Cadaret Grant customer accounts. Those customers never provided Spero with written authorization to make trades on a discretionary basis. The securities broker dealer also neglected to greenlight those accounts for Spero’s discretionary trading either. FINRA determined that Spero violated FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
Spero has been registered with Cadaret Grant as a stockbroker since October 2, 1989 and as an investment adviser representative since February 22, 2016.
