Tr?id=566623520170033&ev=PageView&noscript=1

FINRA Suspends Former TD Securities Representative for Improper Expense Charges

Posted on May 5th, 2025 at 12:12 PM
FINRA Suspends Former TD Securities Representative for Improper Expense Charges

From the desk of Jim Eccleston at Eccleston Law

FINRA has suspended former TD Securities representative Kate Yumi Lam for 12 months and fined her $10,000 for improperly charging personal commuting and meal expenses to the firm's account.

According to DIWire, between July 2022 and March 2023, Lam submitted $5,897.42 in unauthorized expenses, including 157 car service trips and 102 meals that violated the firm’s travel and expense policy.

TD Securities allowed employees to use the firm’s car service for transportation home if they worked past 8 p.m. Employees could also charge meals to the firm’s account under similar conditions or if they worked in the office on weekends. However, FINRA found that Lam charged $4,275.34 in car service expenses for commuting outside of policy guidelines and $1,622.08 in meal expenses for unauthorized breakfasts, lunches, and dinners.

FINRA determined that Lam’s actions violated FINRA Rule 2010, which requires advisors to uphold high standards of commercial honor and just and equitable principles of trade.

Without admitting or denying FINRA’s findings, Lam agreed to the sanctions in what is known as an Acceptance, Waiver and Consent (“AWC”).

DIWire also reports that this case follows a December 2024 FINRA action against a former Morgan Stanley representative for similar meal-related violations, highlighting regulators’ continued focus on expense policy compliance.

 

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

Tags: eccleston, eccleston law, finra

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

LATEST NEWS AND ARTICLES

1776796402 Law
April 21, 2026
DOL Proposal on Alternative Assets in 401(k)s Faces Cautious Reception

The U.S.

1776708210 Law
April 20, 2026
FINRA Suspends Former Cape Securities CCO for Supervision Failures Tied to GWG L Bonds and Complex ETPs

The Financial Industry Regulatory Authority (FINRA) recently suspended and fined Lester Joel Hochler, the former Chief Compliance Officer of Cape Securities Inc., for failing to reasonably supervise recommendations of speculative debt securities and complex exchange-traded products to retail customers.

1776438642 Law
April 17, 2026
Florida Advisor Sentenced to 90 Months for Foreign Currency Ponzi Scheme and Tax Evasion

A federal court sentenced John A.