JAIME MELISSA CASSINO SUSPENDED FOR EXECUTING UNAUTHORIZED TRADES IN A CLIENT'S ACCOUNT

Jaime Melissa Cassino, a former broker with Charlotte, North Carolina based Synergy Investment Group, LLC, submitted a Letter of Acceptance, Waiver and Consent in which she consented to the entry of the Financial Industry Regulatory Authority's (FINRA) findings that she effected 122 discretionary transactions in the account of a customer without the customer's prior written authorization and without her member firm's acceptance of the account as a discretionary account. Ms. Cassino, of Miller Place, New York, was suspended from association with any FINRA member in any capacity for one month, and her suspension was in effect from February 19, 2013, through March 18, 2013.
A discretionary account is an account that allows a broker to buy and sell securities without the client's consent. A discretionary account is sometimes referred to as a managed account. Sometimes certain guidelines are set by the client regarding trading in the account. For example, a client might only permit investments in blue chip stocks. The client must sign a discretionary account trading authorization form with the brokerage firm. The execution of any transaction without the client's permission or without a signed discretionary account trading authorization is in violation of FINRA's rules.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to Ms. Cassino's discretionary activity can bring forth claims to recover losses against Synergy Investment Group, which should have prevented Ms. Cassino from committing the described illegal activity.
Have you suffered losses in your Synergy Investment Group, LLC account due to unauthorized trades or any other prohibited activity? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

SEAN PLACIDO RODRIGUEZ FINED AND SUSPENDED BY FINRA FOR EXECUTING DISCRETIONARY TRADES WITHOUT PERMISSION

Sean Placido Rodriguez, a broker formerly with Los Angeles, California based Wedbush Securities Inc., submitted a letter of acceptance, waiver, and consent in which the Financial Industry Regulatory Authority (FINRA) entered findings that he executed discretion in a customer's account without the customer's written authorization or his member firm's written acceptance of the account as discretionary. FINRA's findings stated that Mr. Rodriguez recommended and executed equity purchases and sales with a short-term holding period and recommended to the customer the purchase and sale of equity securities in amounts that resulted in an inappropriate concentration of these securities in her account, ranging between 25 percent and 50 percent of her account value at the time of the transactions. In light of the customer's financial situation and needs, Mr. Rodriguez did not have a reasonable basis to recommend that she engage in short-term trading and concentrate her account in the equity securities. Mr. Rodriguez, of Glendale, California, was fined $10,000, suspended from association with any FINRA member in any capacity for 60 days, and ordered to disgorge gains to a customer - the suspension is in effect from January 22, 2013 through March 22, 2013.
A discretionary account is an account that allows a broker to buy and sell securities without the client's consent. The client must sign a discretionary disclosure with the broker in order to document the client's consent. A discretionary account sometimes referred to as a managed account. Sometimes certain guidelines are set by the client regarding trading in the account - a client might only permit investments in blue chip stocks.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to Mr. Rodriguez's discretionary activity can bring forth claims to recover losses against Wedbush Securities, which should have prevented Mr. Rodriguez from committing the described illegal activity.
Have you suffered losses in your Wedbush Securities Inc. brokerage account? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Wedbush Securities Inc. stockbrokers who may have engaged in misconduct and caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

CHRISTOPHER MICHAEL BONES FINED AND SUSPENDED FOR UN-AUTHORIZED TRADES IN CLIENT ACCOUNTS

Christopher Michael Bones, a broker at Summit Brokerage Services, Inc. in Eugene, Oregon, submitted a Letter of acceptance, waiver, and consent in which he was fined $5,000 and suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any capacity for 15 business days. Mr. Bones, who is currently with Ameriprise Financial Services, Inc. in Eugene, Oregon, consented to the sanction and to the entry of findings that he exercised trading discretion in customers' accounts following an agreed-upon investment strategy, but he did not consistently notify the customers prior to placing a trade in their accounts.
A discretionary account is an account that allows a broker to buy and sell securities without the client's consent. The client must sign a discretionary disclosure with the broker in order to document the client's consent. A discretionary account sometimes referred to as a "managed account." Sometimes certain guidelines are set by the client regarding trading in the account - a client might only permit investments in blue chip stocks.
In this case, none of the customers provided Mr. Bones with written authorization to exercise any discretionary power, and his member firm did not authorize these accounts as discretionary. FINRA's findings stated that in fact, as was known to Mr. Bones, his member firm's policies prohibited the exercise of discretionary power in any client's account.
Have you suffered losses in your Summit Brokerage Services brokerage account? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Summit Brokerage Services stockbrokers who may have engaged in misconduct and caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.