Want to know what not to do when running your business and serving your clients? Here’s our roundup of this week’s scammers and scoundrels:
Broker makes 9 unauthorized sales
Daniel Micha, a broker with RBC Capital Markets in 2009 has been fined and suspended by FINRA because he made trades that were unauthorized by his client and then failed to report her complaints.
He sold nine securities positions, with a total worth of $326,000, without his client’s consent.
Former Dundee rep fined $200,000
On June 4, 2012, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement between the IIROC staff and James Gwilym Jones, who admitted to failing to ensure recommendations were suitable for his clients.
Broker charged in astrology-based Ponzi scheme
A former broker from Orlando, Fla. is being charged with defrauding 14 investors of more than $1 million in an astrology-based Ponzi scheme.
Missing NB rep fined $1 million, barred
On March 30, 2011, an IIROC hearing panel found Darlene Catherine Ryan liable for the misappropriation of funds from five of her clients.
Does your client own stolen art?
Your wealthy client wants to buy art. But, he reads the papers and sees stories about recent high-profile theft cases.
So, he wonders, how can he protect himself from purchasing stolen goods?
Wealth Advisory Services president fined $20,000
In an MFDA settlement agreement, Douglas A. Lawson admitted he approved, recommended and allowed the sale of Promittere S&P 500 (Promittere) shares, a related company of Wealth Advisory Services, to over 40 clients. He didn’t ensure the product had been researched, and didn’t make sure the product was suitable for sale to clients.