Robert Todd Clark of Boston Massachusetts a stockbroker formerly employed by Moors Cabot Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with a FINRA investigation into allegations of Clark’s unauthorized use of customer funds. Letter of Acceptance Waiver and Consent No. 2018057361101 (Sept. 21, 2018).

According to the AWC, in 2018, FINRA launched an investigation into accusations that Clark took money from a customer’s brokerage account without the customer’s consent, and proceeded to use the money for Clark’s own benefit.

FINRA apparently sent Clark a letter on July 23, 2018 seeking Clark’s recorded testimony to be provided for FINRA personnel according to Rule 8210. On August 21, 2018, Clark apparently responded to FINRA staff, revealing that he received the request from FINRA but would at no point be providing recorded testimony for FINRA personnel. The AWC stated that FINRA found Clark’s refusal to appear for testimony to be conduct violative of FINRA Rules 2010 and 8210. Consequently, Clark was barred by FINRA in all capacities.

Just prior to FINRA’s disciplinary action, on July 19, 2018, Moors Cabot discharged Clark based upon allegations that he accepted a customer loan without first seeking the firm’s permission; conduct violative of Moors Cabot policy. Prior to working at Moors Cabot, Clark was employed by Morgan Stanley Smith Barney. Yet, Morgan Stanley Smith Barney discharged Clark on May 15, 2013 founded on accusations that he exercised discretion in customers’ accounts.

FINRA Public Disclosure further reveals that a customer initiated investment related arbitration claim involving Clark’s activities was resolved for $41,250.00 in damages based upon allegations that while Clark was associated with Morgan Stanley, he breached his fiduciary obligations to the customer in reference to the customer’s equity investment holdings. NASD Arbitration No. 03-01507 (Nov. 30, 2006). Then, on May 20, 2013, a customer initiated investment related complaint concerning Clark’s conduct was settled for $34,000.00 in damages founded on accusations of unauthorized stock trading in the customer’s account while Clark was associated with Morgan Stanley.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.

This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer

Guiliano Law Group

Our practice is limited to the representation of investors. Over the last three decades, we have recovered more than a hundred million dollars for more than 1,000 injured investors from all over the United States and several foreign countries. We accept representation purely on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a confidential consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.

For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com

To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com