Anthony Lynn Cross (also known as Tony Cross), of Edmond, Oklahoma, a stockbroker associated with The O.N. Equity Sales Company (ONESCO), has been fined $5,000.00 and suspended for 20 days from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Cross engaged in unauthorized trading in customer accounts. Letter of Acceptance, Waiver, and Consent No. 2020067046901 (September 5, 2023).
Cross conducted trades in customer accounts without having received prior written authorization from the customers and without the securities broker dealer having accepted the accounts as discretionary. While the customers were aware that Cross was making trades on their behalf, none had provided him with written authorization to exercise such discretion. He also did not communicate with the customers on the days the trades were made. FINRA found that Cross violated FINRA Rules 2010 and 3260(b).
This is not the first time that Cross has been the subject of a regulatory action concerning his conduct in the securities industry. FINRA Public Disclosure shows that Cross has been suspended and ordered to pay restitution by the Oklahoma Department of Securities because Cross was alleged to have recommended unsuitable transactions. Case No. 11-017 (August 23, 2012).
Also, on August 26, 2021, Cross was suspended by Oklahoma Department of Securities because Cross engaged in unethical practices in the securities business by improperly exercising time and price discretion, engaging in trading without prior authorization, and failing to adhere to his firm’s policies and procedures relating to discretionary trading. Case No. 20-011.
Cross became associated with MML Investors Services LLC in Edmond, Oklahoma on October 20, 2021. Prior to that, he was with Vanderbilt Advisory Services and Vanderbilt Securities LLC from July 23, 2020, to October 5, 2021, both located in Edmond, Oklahoma. Earlier, Cross was associated with ON Investment Management Company from July 7, 2006, to June 24, 2020, and The O.N. Equity Sales Company from September 12, 2001, to June 24, 2020, both also in Edmond, Oklahoma. On June 24, 2020, The O.N. Equity Sales Company discharged Cross based upon allegations that Cross engaged in trading in customer accounts in violation of company policy.
