Christopher James Conroy, of New York, New York, a stockbroker currently registered with UBS Financial Services, 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 discretionary trades in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2015047589801 (Nov. 28, 2016).
According to the AWC, twenty-two transactions had been effected by Conroy in a firm customer’s account on a discretionary basis. Apparently, after the customer provided Conroy with approval for securities to be purchased on one occasion, Conroy effected subsequent securities transactions without the customer becoming informed of such beforehand.
The AWC stated that the customer had never provided Conroy with the authorization to make additional securities purchases in the customer’s account via exercising discretionary authority. The AWC also revealed that UBS Financial Services did not deem the customer’s account as approved for purposes of trading on a discretionary basis. As such, FINRA found that Conroy’s conduct was violative of FINRA Rule 2010 and NASD Conduct Rule 2510(b).
FINRA Public Disclosure reveals that Conroy has been subject to three customer arbitrations. Specifically, on January 13, 1993, a customer was awarded $5,000.00 per an investment related arbitration claim involving Conroy’s conduct, based upon allegations that Conroy effected unsuitable investment transactions in the customer’s account.
Additionally, on September 8, 2009, a customer initiated investment related arbitration claim involving Conroy’s actions was resolved for $72,500.00 in damages based upon allegations that Conroy effected trades in the customer’s account which were unauthorized, and made investment recommendations which were not suitable for the customer. On July 24, 2015, another customer initiated investment related arbitration claim was settled for $67,573.10 in damages based upon allegations that Conroy effected trades in customer accounts without authorization.
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