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Principal Looked Away From RR's Ongoing Violations - Finra AWC
FINRA barred a Registered Principal in Bloomfield Hills, MI, for failing to take any meaningful steps with an RR under his direct supervision who committed, what appeared to be, potential ongoing violations. The Principal could have, but failed to: (i) increase his supervision of the RR; (ii) restrict the RR's activities; or (iii) otherwise prevent his continued harmful mutual fund trading in firm customers’ accounts.
Over the course of several months, during which time no supervisory action was taken, the RR "freely
placed trades to buy and sell mutual fund positions in customers’ accounts without their prior written authorization; the RR also effected mutual fund A-share transactions. All in all, the RR generated nearly $32,000 in commissions and $67,000 in losses for the customers.
This is FINRA Case #2009016354001. [Disc. Actions for February]
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