Former Stifel Nicolaus Broker Barred for Unauthorized Trading
FINRA has barred a former broker from Stifel, Nicolaus & Company, Incorporated, Robert Head, of unauthorized trading for his client.
From August 2008 until October 2013, Head managed a Stifel Nicolaus trust account for customer ‘ML,’ who was a retiree born in 1936. In November 2009, Head altered the investment objective of ML’s account from “Growth and Income” and “Speculation / Active Trading / Complex Strategies”, to only “Speculation / Active Trading / Complex Strategies.”
Head traded in ML’s account without first consulting with ML or receiving any written authorizations from ML about the details of individual trades.
Moreover, Head traded high-risk investments in ML’s account actively. In 2011, in particular, Head traded in ML’s account with 310 transactions generating over $41,000 in commissions, and resulted about $13,500 in realized losses.
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