Nolan Dudley Baird, Jr., of Augusta, Georgia, a stockbroker registered with Stifel, Nicolaus & Company, Incorporated, has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected trades in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. 2017053155601 (Dec. 1, 2017).
According to the AWC, between April of 2015 to May of 2016, discretion had been improperly utilized by Baird to effect twenty-seven trades in customer RC’s investment account. The customer reportedly never furnished written authorization to Baird enabling Baird to exercise discretion in the customer’s account. Moreover, the firm never considered the customer’s account as approved for purposes of discretionary trading. FINRA found that Baird’s activities in that regard were violative of FINRA Rule 2010 and NASD Conduct Rule 2510.
FINRA Public Disclosure reveals that a customer filed an investment related written complaint involving Baird’s conduct, where the customer requested $50,000.00 in damages founded on accusations of churning, suitability, misrepresentation, negligence, fraud, breach of contract, breach of fiduciary duty, and violations of the Securities Act of the State of Georgia. FINRA Arbitration No. 17-00178 (Jan. 20, 2017).
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