Matthew Niederbaumer, of Huron, South Dakota, a stockbroker currently registered with Thrivent Investment Management 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 effected unauthorized trades in a customer’s account. Letter of Acceptance, Waiver and Consent, No. 2016050492401 (Dec. 12, 2016).
According to the AWC, ten transactions pertaining to the purchase and sale of exchange traded notes had been effected by Niederbaumer in five of the firm’s customers’ accounts. Apparently, the customers never provided Niederbaumer with written approval to place discretionary trades in their accounts.
The AWC also revealed that the five customers’ accounts had not been approved of for purposes of discretionary trading by Thrivent. As such, FINRA found that Niederbaumer’s conduct was violative of FINRA Rule 2010 and NASD Rule 2510(b).
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