Broker makes 9 unauthorized sales

By Staff | June 22, 2012 | Last updated on June 22, 2012
1 min read

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.

On August 18, 2009, Micha sold nine securities positions with a total worth of $326,000 without his client’s consent.

Soon after, the client sent Micha an e-mail of complaint which he failed to answer for six days and did not report, according to the SRO.

RBC Capital became aware of the complaints when it received a complaint directly from the client. RBC eventually settled the claims for $44,987.58 of which Micha purportedly contributed $22,493.79.

FINRA also imposed its usual $10,000 fine and 20-business-day suspension on Micha. staff


The staff of have been covering news for financial advisors since 1998.