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RR Sanctioned for 'Going Away' Present
A Registered Rep in Westchester, NY, agreed to a $10K fine and a 10-day suspension to settle FINRA charges that, on his last day of employment, he downloaded private customer information from his firm’s computer system onto a flash drive - without the firm's or customers' authorization. Among other things, Regulation S-P was violated.
The RR sent the data to his branch manager at the new firm. Together, they used the customer information to send a “welcome letter” to the RR's former customers. This effectively prevented his former firm from giving its customers a reasonable opportunity to opt out of the disclosures, as required by Regulation S-P. DiFrancesco’s misconduct also caused his new firm to improperly receive non-public personal information about his former firm’s customers. This decision has been appealed to the SEC.
This is FINRA Case #2007009848801. [FINRA March Disc. Actions]
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