Peter Joseph Glowacki, of Laguna Niguel, California, a stockbroker registered with TCFG Wealth Management LLC, has been suspended for two months and fined $10,000.00 by Financial Industry Regulatory Authority (FINRA) because Glowacki engaged in discretionary trading in customer accounts without written authorization and used an unapproved communication method for doing securities business. Letter of Acceptance, Waiver, and Consent No. 2023078269701 (March 29, 2025).
According to the AWC, from January 2022 through December 2023, while associated with RBC Capital Markets LLC and later with TCFG Wealth Management LLC, Glowacki effected 105 trades across fourteen accounts belonging to nine customers without obtaining prior written authorization from those customers or having the accounts formally approved as discretionary by either securities broker dealer. This violated FINRA Rule 3260(b), which requires that customer accounts must have written authorization and the securities broker dealer’s acceptance for discretionary trading.
FINRA stated that from January 2022 to January 2023, Glowacki exercised discretion in twelve accounts for nine RBC customers. While he maintained general discussions about trading strategies, he did not consult customers regarding specific trades on the execution dates, and the accounts were not formally designated as discretionary by RBC. Subsequently, from May 2023 to December 2023, Glowacki conducted seven discretionary trades in two accounts at TCFG Wealth for customers previously with RBC. These accounts also lacked the required written authorization and firm acceptance.
Additionally, from December 2021 to January 2023, Glowacki communicated with twelve RBC customers about securities-related matters through text messages on his personal mobile phone. These communications included trade confirmations, investment discussions, and fund transfers. However, RBC had not approved the use of personal devices for such communications, and as a result, these messages were not stored as required by Section 17(a) of the Securities Exchange Act of 1934 and Exchange Act Rule 17a-4(b)(4). This caused RBC to maintain incomplete books and records.
Glowacki was associated with TCFG Wealth Management LLC in Laguna Niguel, California from April 24, 2023 to April 1, 2024.
Glowacki was associated with RBC Capital Markets LLC in Brookfield, Wisconsin from March 2, 1998 to March 22, 2023. On February 21, 2023, RBC Capital Markets LLC discharged Glowacki based upon allegations that Glowacki violated the firm’s policies regarding order execution, time and price discretion, and electronic communications.
