Robert O’Keef, of Milwaukee, Wisconsin, a stockbroker with RBC Capital Markets, LLC, was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized discretionary trading in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2014040938602 (Feb. 23, 2016).
According to the AWC, from October 1, 2012 through January 23, 2014, O’Keef had engaged in discretionary trading in four of his firm’s customers’ accounts. O’Keef reportedly effected an estimated six-hundred and fifty-four transactions.
The AWC stated that customers had not provided O’Keef with written authorization to engage in discretionary trading in such customers’ accounts. The AWC additionally stated that RBC had not provided O’Keef with written approval to engage in such conduct, and did not approve the customers’ accounts as discretionary.
The AWC stated that RBC had actually disallowed stockbrokers using discretion in customer accounts unless certain circumstances were met. Such circumstances were reportedly absent in O’Keef’s case. FINRA found that O’Keef’s conduct was violative of FINRA Rule 2010 and NASD Conduct Rule 2510(b).
Public disclosure records reveal that O’Keef has been subject to three disclosure incidents. On February 25, 2014, O’Keef settled a customer dispute for $15,000.00 amid the customer’s allegations that O’Keef had engaged in excessive trading and had not provided authorization for trades. On April 11, 2014, RBC Capital Markets terminated O’Keef in connection with his unauthorized trading.
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