Tag: exercising discretion by broker in client account without firm permission

New York Broker Barred by FINRA

Posted by finralawyer on November 14, 2017 with 0 Comment

According to FINRA’s Disciplinary and Other FINRA Actions publication, Raymond Thomas Clark (CRD No. 3120696), a Buffalo New York broker, was barred by FINRA for failing to appear and provide investigative testimony requested by FINRA. FINRA’s request for testimony was related to FINRA’s investigation into allegations that Clark executed excessive and/or unauthorized trades in customer accounts, exercised discretion without authority in customer accounts, and accepted trade instructions from an individual who was not authorized to exercise trading authority in a customer account. As part of the investigation, FINRA staff requested Clark provide testimony on several occasions. (See FINRA Disciplinary Proceeding No. 2014040349001)

According to FINRA’s Broker Check, Raymond Thomas Clark is permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Clark was registered in the securities industry for fifteen (15) years, and was previously registered with the following firm(s):

DYNASTY CAPITAL PARTNERS, INC.
CRD #122806
BUFFALO, NY
08/2010 – 08/2014

FIRST MIDWEST SECURITIES, INC.
CRD #21786
BUFFALO, NY
05/2009 – 08/2010

PAULSON INVESTMENT COMPANY, INC.
CRD #5670
BUFFALO, NY
12/2008 – 05/2009

J.P. TURNER & COMPANY, LLC
CRD #43177
BUFFALO, NY
06/2007 – 01/2009

BATHGATE CAPITAL PARTNERS LLC
CRD #38923
BUFFALO, NY
11/2005 – 07/2007

J.P. TURNER & COMPANY, LLC
CRD #43177
ATLANTA, GA
03/2002 – 11/2005

GLOBAL CAPITAL SECURITIES CORPORATION
CRD #16184
ENGLEWOOD, CO
01/2001 – 03/2002

GLOBAL CAPITAL MARKETS, LLC
CRD #16191
MELVILLE, NY
09/1998 – 01/2001

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options. The 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 (239) 649-0050 for a complimentary initial consultation.

Indianapolis Broker Leonard Tanner Fined and Suspended by FINRA for Exercising Discretion in Client Accounts

Posted by finralawyer on November 14, 2017 with 0 Comment

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
CRD #1459
INDIANAPOLIS, IN
10/2010 – present

Tanner was previously registered with the following firm(s):
PNC INVESTMENTS
CRD #129052
INDIANAPOLIS, IN
11/2009 – 10/2010

NATCITY INVESTMENTS, INC.
CRD #17490
INDIANAPOLIS, IN
07/1995 – 11/2009

RAFFENSPERGER, HUGHES & CO., INC.
CRD #699
INDIANAPOLIS, IN
08/1969 – 07/1995