According to FINRA’s Disciplinary and Other FINRA Actions publication, from July 2013 through January 2014 broker Steven Colacurcio (CRD# 1717483) of Boca Raton Florida was fined and suspended by FINRA as a result of allegations that he exercised discretionary power in a customer’s account, without obtaining prior written authorization from the customer and without having the account accepted as a discretionary account by his employing FINRA member firm Dawson James Securities. As a result of such conduct, FINRA alleged that Colacurcio violated NASD Rule 2510(b) and FINRA Rule 2010.
NASD Rule 2510(b) provides that registered persons may not exercise discretionary power in a customer’s account unless the customer has given prior written authorization and the account has been accepted by the member firm in writing as a discretionary account.
FINRA alleged that Colacurcio exercised discretionary power in a customer’s account by effecting 11 transactions, without obtaining prior written authorization from the customer and without having the account accepted as a discretionary account by his employing FINRA member firm Dawson James Securities.
As a result of such conduct, Cotacurcio consented to FINRA’s imposition of a fifteen (15) business day suspension from association with any FINRA member in all capacities and a $5,000 fine.
According to FINRA’s Broker Check, Steven Colacurcio was registered with the securities industry for 27 years, and was registered with the following firm(s):
Dawson James Securities Inc.
Raymond James Financial Services, Inc.
6/2008 – 3/2009
Suntrust Investment Services, Inc.
6/2004 – 03/2008
Wachovia Securities, LLC
02/2002 – 06/2004
WM Financial Services, Inc.
05/1998 – 03/2002
Great Western Financial Securities Corp.
01/1992 – 05/1998
G.K. Scott & Co., Inc.
01/1998 – 02/1991
If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Law Offices of Hanley Law to discuss your legal options. The Law Offices of Hanley Law is dedicated to helping investors nationwide. If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses. Contact our office toll free at (866) 318-4725 for a complimentary initial consultation.