A stockbroker from Kingston Pennsylvania formerly registered with Raymond James Financial Services Inc. was fined five thousand dollars and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in discretionary trading without having received customers’ written authorization. Letter of Acceptance Waiver and Consent No. 2017053556701 (Mar. 6 2018).
According to the AWC, from 2015 to 2016, discretion had been exercised by the stockbroker in three customer accounts without procuring written authorization from customers beforehand. The AWC additionally stated that the firm did not ever provide the stockbroker with approval to effect trades on a discretionary basis. Consequently, FINRA found that the stockbroker’s conduct was violative of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510.
FINRA Public Disclosure confirms that the stockbroker has been identified in nine additional customer initiated investment related disputes pertaining to accusations of the stockbroker’s improper conduct while registered with Raymond James Financial Services Inc., Morgan Stanley & Co. Incorporated, and Prudential Securities.
Particularly, on September 3, 2003, a customer initiated investment related written complaint involving the stockbroker’s conduct was settled for $9,999.00 in damages based upon allegations that the customer’s investment account was inappropriately managed, and that the stockbroker failed to abide by the customer’s instructions. On December 14, 2006, a customer filed an investment related written complaint involving the stockbroker’s conduct in which the customer alleged that the stockbroker executed unauthorized transactions in the customer’s account and placed trades in the customer’s account on an excessive basis.
On June 23, 2008, another customer filed an investment related written complaint pertaining to the stockbroker’s conduct in which the customer requested $38,539.00 in damages founded on accusations that the stockbroker effected unsuitable corporate bond transactions in the customer’s account. Additionally, a customer initiated investment related arbitration claim regarding the stockbroker’s activities was resolved for $325,000.00 in damages supported by allegations that equity trades executed in the customer’s account were neither suitable nor authorized by the customer. FINRA Arbitration No. 09-03031 (June 16, 2010).
Subsequently, a customer initiated investment related arbitration claim involving the stockbroker’s conduct was settled for $90,000.00 in damages based upon accusations that the stockbroker placed stock, corporate bond and exchange traded fund transactions that were not suitable for the customer. FINRA Arbitration No. 13-00972 (Jan. 6, 2014). On November 14, 2016, another customer filed an investment related written complaint regarding the stockbroker’s activities, where the customer sought $14,488.27 in damages founded on allegations of suitability and misrepresentation concerning the customer’s variable annuity investments.
Additionally, on August 17, 2017, a customer filed an investment related written complaint regarding the stockbroker’s activities, in which the customer requested $35,000.00 in damages supported by accusations of excessive fees, poor performance and suitability pertaining to the customer’s equity and mutual fund investment transactions from June 30, 2014 to February 2, 2017. the stockbroker has also been subject of a customer initiated investment related written complaint that settled on May 25, 2017 for $16,280.92 in damages based upon allegations of excessive trading, misrepresentation and unauthorized trading in the customer’s equity portfolio.
On February 27, 2017, the stockbroker was terminated from Raymond James Financial Services based upon accusations that he failed to communicate with customers before effecting trades in their account. the stockbroker later became associated with Summit Brokerage Services, Inc. between March 2, 2017 and November 27, 2017.
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