Walter Morrow Allen of Suffield Connecticut a stockbroker formerly registered with Cetera Advisors LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he neglected to produce documents and information for FINRA during the course of the regulator’s investigation into Allen’s trading in the accounts of Cetera Advisors customers and his possible violation of Cetera’s procedures and policies. Letter of Acceptance Waiver and Consent No. 2020066785901 (Aug. 4, 2021).
According to the AWC, FINRA began investigating Allen when Cetera Advisors disclosed to the regulator that Allen was terminated as stockbroker on April 27, 2020 for his possible unauthorized trading in customer accounts. Cetera Advisors noted that there were trades made by Allen in customers’ non-discretionary accounts. The securities broker dealer did not allow for Allen’s exercise of discretion, and Allen allegedly failed to generate written approval for his discretionary trading from customers.
On June 22, 2021, FINRA asked that Allen hand over any information and documents relating to the accusations of his unauthorized trading. Allen was expected to respond to the regulator’s request by July 13, 2021. On June 30, 2021, FINRA was made aware from Allen that he would not comply with its requests. Allen did not provide anything that the regulator asked for in the investigation, violating FINRA Rules 2010 and 8210 as a result.
Allen was registered with Cetera Advisors between October 3, 2016 and April 27, 2020. FINRA Public Disclosure states that Allen was also terminated from prior securities broker dealer Ryan Beck Co. who alleged that Allen failed to comply with its policy as it pertained to the handling of customer accounts.