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CCO Let Unregistered Person Trade Firm's Prop Account - Finra AWC
A Registered Principal in Orland Park, IL - his firm’s CCO - was sanctioned for allegedly failing to carry of his responsibilities for the registration and licensure of all firm personnel. To settle FINRA charges, the Principal agreed to a 2-month suspension as a supervisor and to requalify as a principal prior to becoming associated with a FINRA registered firm in a principal capacity. In light of his financial status, no monetary sanctions were imposed.
FINRA charged the Principal with permitting an unregistered individual to trade in the firm’s proprietary account - even while knowing the individual was unregistered and was trading. At no time did he require the person to become registered with the firm.
This is FINRA Case #2008015617901. [Disc. Actions for February.]
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