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ARTICLE · 18 JULY 2019

Former Representative Settles FINRA Charges For Unauthorized Trading

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A former general securities representative settled FINRA charges for unauthorized trading and discretionary decision-making in the accounts of two elderly customers.

United StatesCorporate/Commercial Law
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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A former general securities representative settled FINRA charges for unauthorized trading and discretionary decision-making in the accounts of two elderly customers.

According to the Order, a former representative who was registered with Wedbush Securities Inc. did not seek or obtain written authorization or firm authorization to exercise discretion in either of the two elderly customers' accounts. Between August 2013 and October 2016, the former representative allegedly exercised discretion and executed over 100 trades in the specified accounts. On June 26, 2018, Wedbush terminated the representative's employment citing an "[e]xcessive number of customer complaints."

The former representative agreed to (i) pay $5,000, (ii) a six-month suspension, and (iii) pay $12,084, plus interest, in restitution.

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