Peter J. Neary, of Plymouth, Michigan, a stockbroker formerly with Wunderlich Securities, was fined $5,000.00 and suspended by Financial Industry Regulatory Authority (FINRA) after consenting to findings that he effected unauthorized discretionary trades in a customer’s account. Letter of Acceptance, Waiver and Consent, No. 2015044491201 (Nov. 3, 2016).
Per the AWC, between July of 2012 and December of 2014, at a point when Neary was associated with Wunderlich, he effected an estimated one hundred and thirty transactions on a discretionary basis in a firm customer’s investment account. Securities were reportedly purchased and sold through Neary in the customer’s account.
The AWC stated that Neary’s trades were found by FINRA to be unauthorized by the customer, and the customer’s account was not deemed acceptable by the firm for trading on a discretionary basis. Neary was terminated by Wunderlich on January 28, 2015, based upon allegations that Wunderlich effected unauthorized, excessive, and unnecessary trades. Neary’s conduct was found by FINRA to be violative of FINRA Rule 2010.
FINRA Public Disclosure reveals that on January 22, 2015, a customer initiated investment related arbitration claim involving Neary’s conduct was settled for $25,000.00 in damages based upon allegations against Neary of trading in a customer’s account without proper authorization.
Neary was terminated from prior employer, Comerica Securities, Inc., on September 28, 2015, based upon allegations that he made misrepresentations concerning sales charges pertaining to mutual funds purchases and sales. Disclosure records reveal that Neary has been employed with IFS Securities since February of 2014.
Guiliano Law Group
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