Thomas E. Omark, of Erie, Pennsylvania, a stockbroker formerly associated with PNC Investments, was fined $15,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he effected trades in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. 2015047550801 (Nov. 15, 2016).
According to the AWC, from January of 2015 to August of 2015, eighteen transactions were effected by Omark in four of the firm’s customers’ accounts. Apparently, the discretionary trading had not been approved of by any of the four customers prior to Omark engaging in such. FINRA found that Omark’s conduct in this regard was violative of NASD Rule 2510(b) and FINRA Rule 2010.
The AWC additionally stated that from December of 2013 to August of 2015, two hundred and forty-two order tickets within one hundred and twenty-four accounts had been mismarked by Omark concerning preferred stock purchases. Apparently, these tickets were marked as though the purchases were not solicited, when they were evidently solicited by Omark. The firm’s policies purportedly disallowed stockbrokers such as Omark from engaging in any solicitations concerning purchases of PNC stock. FINRA found that Omark’s conduct was in violation of FINRA Rules 4511(a) and 2010.
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