Glenn Robert King, of Shrewsbury, New Jersey, a stockbroker formerly registered with Buckman, Buckman & Reid, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a National Adjudicatory Council Decision containing findings that King made unauthorized and excessive trades in a customer’s account. In the Matter of Department of Enforcement v. Glenn Robert King, No. 2015044444801 (July 20, 2017).
According to the Decision, King was investigated by FINRA for effecting faulty sales of unit investment trusts during the time that he was associated with Royal Alliance Associates Inc. as well as Buckman, Buckman & Reid, Inc. Apparently, King never responded to the Complaint as required by December 11, 2015, causing FINRA’s Department of Enforcement to serve King with another notification. The Decision stated that King failed to cooperate by responding to the Complaint in accordance with FINRA rules, leading the Hearing Officer to issue a Default Decision. King failed to convince the National Adjudicatory council that he had an adequate basis for his lack of cooperation in FINRA’s proceedings against him.
The Decision further stated that from January of 2013 to December of 2014, four customers, LA, RA, JE and CM, were exposed to King’s excessive trading of closed-end funds and unit investment trusts, where the trades failed to confirm with the customers’ financial profiles and objectives for investing. The Decision revealed that the sales and purchases that King effected allowed him to accumulate commissions totaling $120,000.00, even though CM, JE, RA, and LA sustained $149,000.00 in losses. FINRA’s National Adjudicatory Council affirmed the Hearing Officer’s finding that King’s quantitatively unsuitable trading was conduct violative of FINRA Rules 2010 and 2111.
Moreover, between January of 2013 and December of 2014, trades were placed by King on a discretionary basis, where he determined the type and date of closed-end fund shares and unit investment trust units to be acquired and sold in customers’ accounts. Customers apparently never provided King with verbal or written consent to place trades in their accounts, and King neglected to obtain approval from his firm to exercise discretion in customer accounts. Consequently, FINRA’s National Adjudicatory Council affirmed the Hearing Officer’s finding that King’s conduct was violative of FINRA Rules 2010 and NASD Rule 2510(b).
FINRA Public Disclosure reveals that King has been subject of twenty customer initiated investment related disputes pertaining to accusations of his wrongdoing while he was employed with Royal Alliance Associates Inc., Salomon Smith Barney, Citigroup Global Markets, Inc. and Buckman, Buckman & Reid, Inc. Specifically, on April 21, 2015, a customer initiated investment related written complaint involving King’s conduct was settled for $21,760.00 in damages based upon accusations that King caused the customer to sustain poor investment results in connection with unit investment trust investments effected in the customer’s account.
Subsequently, on June 23, 2015, a customer filed an investment related arbitration claim involving King’s activities, in which the customer requested $200,000.00 in damages supported by allegations that King effected unsuitable transactions involving unit investment trust and real estate investment securities. Then, on December 15, 2015, a customer filed an investment related written complaint involving King’s conduct, where the customer sought $428,000.00 in damages founded on accusations that from January of 2015 to August of 2015, King effected trades that were neither authorized nor suitable for the customer. King was also subject of a customer initiated investment related dispute on January 4, 2016, where the customer sought $150,000.00 in damages grounded on accusations against King of unsuitability and unauthorized trading.
King’s registration with Buckman, Buckman & Reid, Inc. was terminated on June 22, 2015.
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