Robert G. Simons, of Brooklyn, Connecticut, a stockbroker with Center Street Securities, Inc., was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in unauthorized trading in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2014041298501 (June 1, 2016).
According to the AWC, from November 2013 through February of 2014, Simons effected trades in the accounts of six of his firm’s customers. The customers had apparently not provided Simons with the requisite written authority for him to engage in such transactions. Additionally, the AWC stated that Center Street Securities had not authorized the customers’ accounts as discretionary. FINRA found Simons’ conduct to be in violation of FINRA Rules 2010 and NASD Conduct Rule 2510(b).
The AWC additionally noted that throughout this time, Simons utilized his personal e-mail to communicate with the investors with respect to the firm’s business, despite his firm’s prohibition of such conduct. FINRA found Simons’ conduct in this regard to be violative of FINRA Rules 4511 and 2010, as well as NASD Rule 3110.
Public disclosure records reveal that Simons has been subject to three disclosure incidents. On August 18, 2008, Simons settled a customer dispute after customers alleged that Simons misrepresented the customers’ eligibility for tax benefits concerning IRA contributions. Simons settled another customer dispute on March 19, 2014, amid the customer’s allegations of financial losses stemming from Simon’s investment recommendations.
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