According to FINRA’s Disciplinary and Other FINRA Actions publication, Indianapolis broker Leonard Eugene Tanner (CRD No. 442470) of City Securities Corporation was fined $15,000 and suspended for 10 business days for exercising discretion in Client accounts without prior written authorization.
FINRA alleged that Tanner executed discretionary transactions in the accounts of approximately 90 customers pursuant to their prior verbal authorization, but without prior written authorization from those customers or approval by City Securities. Tanner allegedly received prior verbal authorization from his customers for purchases and sales of products consistent with their investment strategies, but exercised his discretion in executing those transactions on future dates.
FINRA’s alleged that Tanner did not obtain written authorization from his customers to exercise discretion in their accounts and City Securities did not approve these accounts for discretionary trading. (See FINRA AWC No. 2014040152701)
According to FINRA’s Broker Check Leonard Eugene Tanner has been registered in the securities industry for forty five (45) years. Tanner is currently registered with the following firm:
CITY SECURITIES CORPORTION
10/2010 – present
Tanner was previously registered with the following firm(s):
11/2009 – 10/2010
NATCITY INVESTMENTS, INC.
07/1995 – 11/2009
RAFFENSPERGER, HUGHES & CO., INC.
08/1969 – 07/1995
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