Robert James McNamara, of Albany, New York, a stockbroker formerly registered with Cadaret Grant Co., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he made discretionary trades without written authorization at Cadaret Grant. Letter of Acceptance, Waiver, and Consent No. 2020066927501 (January 21, 2022).
According to the AWC, in July of 2020, McNamara used discretion to make 50 trades in 44 Cadaret Grant customer accounts. The AWC states that customers did not provide written authorization to McNamara for discretionary trading, and Cadaret Grant did not authorize those customer accounts for McNamara’s discretionary trading. McNamara violated FINRA Rules 2010 and 3260(b).
This is not the first time that McNamara has been sanctioned for discretionary trading. FINRA Public Disclosure additionally shows that McNamara has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon findings of his unauthorized trading in customer accounts. Letter of Acceptance, Waiver, and Consent No. 2019061646401. Between August 2017 and August 2018, 90 discretionary trades were made by McNamara. His trading, which lacked written authorization from customers and Cadaret Grant, affected 18 customer accounts. He violated FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b) for this reason.
McNamara has been registered with Cadaret Grant Co. since January 3, 1994.