FINRA Suspends Former Edward Jones Advisor Over 800 Unauthorized Trades

Posted on November 29th, 2021 at 1:01 PM
FINRA Suspends Former Edward Jones Advisor Over 800 Unauthorized Trades

From the Desk of Jim Eccleston at Eccleston Law:

The Financial Industry Regulatory Authority (FINRA) has issued a $7,500 fine and suspended a former North Carolina Edward Jones advisor for six months after the advisor allegedly executed nearly 800 trades without obtaining client consent or authorization. 

FINRA also alleges that Albert DeGaetano ordered falsified business cards to represent himself as a senior vice president of a clearing firm with which he never was associated. DeGaetano falsely referred to the clearing firm as his employer in phone conversations with Edward Jones in November 2019, according to FINRA. According to BrokerCheck, DeGaetano left the financial services industry after departing Dean Witter Reynolds in July 1997 and operated Eat More Pizza between 2008 and 2015. However, DeGaetano joined Edward Jones as a general securities representative in August 2015. 

According to FINRA, DeGaetano completed 470 transactions on behalf of a fundraising organization for a charitable hospital without obtaining client consent or authorization. Further, FINRA alleges that DeGaetano executed an additional 353 transactions after conversing with an employee of the client who was not permitted to authorize securities trades. According to FINRA, the 823 transactions generated at least $113,000 in trading fees and had a total principal value of $7.2 million. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters

Tags: eccleston, eccleston law, finra, edward jones, suspended advisor

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