Larry Westly Farmbry, of Philadelphia, Pennsylvania, a stockbroker formerly registered with First Allied Securities, 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 customer accounts on a discretionary basis in violation of his firm’s policy. Letter of Acceptance, Waiver and Consent, No. 2016050093301 (Feb. 15, 2017).
According to the AWC, in October of 2014, seventy trades had been effected by Farmbry in forty-four customer accounts on a discretionary basis. In these cases, the customers had not provided Farmbry with consent or authorized Farmbry to place the trades in their accounts. Additionally, First Allied Securities had not permitted the investment accounts to be utilized by Farmbry for purposes of discretionary trading. Consequently, FINRA found that Farmbry’s conduct was violative of FINRA Rule 2010 and NASD Rule 2510.
FINRA Public Disclosure reveals that Farmbry has been identified in three customer initiated investment related disputes containing allegations of Farmbry’s misconduct while employed with FSC Securities Corporation and Waterstone Financial Group. Specifically, on October 12, 2007, a customer filed an investment related written complaint involving Farmbry’s conduct, based upon allegations that Farmbry failed to make investment recommendations to the customer and was responsible for the customer’s losses on mutual fund investments.
On January 12, 2010, a customer filed an investment related written complaint involving Farmbry’s conduct based upon allegations that Farmbry made misrepresentations to the customer concerning a variable annuity. Subsequently, on August 19, 2010, a customer filed an investment related written complaint involving Farmbry’s conduct based upon allegations that Farmbry omitted facts concerning index annuities, variable annuities, as well as municipal debt investments.
Farmbry’s was terminated from First Allied Securities, Inc. on August 14, 2015, based upon allegations that he “reused” customer signatures on firm documentation. Since October 7, 2015, Farmbry has been registered with Triad Advisors, Inc.
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