FINRA Suspends Registered Representative for Serving as an Undisclosed Power of Attorney

Posted on February 20th, 2020 at 2:07 PM
FINRA Suspends Registered Representative for Serving as an Undisclosed Power of Attorney

From the Desk of Jim Eccleston at Eccleston Law LLC:

William J. Schnepp has agreed to a two-month suspension form association with any FINRA member firm in any capacity, as well as a deferred fine of $5,000, for violations of FINRA Rule 2010. 

According to a Letter of Acceptance, Waiver and Consent (“AWC”) signed by Schnepp on September 16, 2019, Schnepp accepted a power of attorney over a 90-year-old customer to whom he was not related without providing notice to, or seeking approval by, his firm. The power of attorney in this instance gave Schnepp broad authority to manage the client’s financial affairs, including buying and selling securities. Schnepp served as power of attorney for this elderly customer for approximately three months.

FINRA Enforcement alleged that Schnepp avoided his firm’s procedures designed to prevent registered reps from serving as power of attorney for clients to whom they are not related. 

By signing the AWC, Schnepp accepted and consented to the entry of FINRA’s findings, without admitting or denying those findings.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, finra, power of attroney, william schnepp, awc, finra 8210

Return to Archive

TESTIMONIALS

Previous
Next

I am so blessed to have you and your dynamic team defending me. Your ethics, forward thinking and strategies are amazing.  You guys are the best group of attorneys in the country that I could hire to handle this complicated case.

Cindy C.

LATEST NEWS AND ARTICLES

August 11, 2022
FINRA Suspends Former Schwab Advisor for Failing to Disclose Felony Charges

The Financial Industry Regulatory Authority (FINRA) has suspended a former Charles Schwab advisor who allegedly failed to disclose multiple felony charges.

August 10, 2022
UBS Wealth Group’s Legal Costs Skyrocket in Q2

UBS Wealth’s litigation expenses have substantially spiked in the second quarter as the firm has faced a host of investor complaints and regulatory probes into UBS’ volatile Yield Enhancement Strategy (YES).

August 9, 2022
UBS Wealth Relying on Lending as Client Assets Dip

UBS Wealth Management is relying on loan growth and increasing interest rates amidst a quarter that the company has categorized as “one of the most challenging periods for investors in the last 10 years”, according to UBS CEO Ralph Hamers.