Articles Tagged with suspended broker

Andy Grant (CRD#: 2709882), a registered representative with Laidlaw & Company (UK) Ltd. in Melville, NY (CRD#: 119037), has been suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA), according to his BrokerCheck record accessed on February 21, 2020.

What happened to lead to Andy Grant’s suspension from the securities industry? On January 17, 2020, Andy Grant entered into an Acceptance, Waiver, and Consent agreement with FINRA in which he consented to the entry of findings that he made discretionary trades in customer accounts without customer authorization. Andy Grant also consented to FINRA’s sanction: a 15-day suspension. The suspension will last from February 18, 2020 to March 9, 2020. FINRA also fined Andy Grant $5,000. A copy of Andy Grant’s AWC can be viewed here.

What does it mean to exercise discretion without authorization? Unauthorized trading happens when a broker trades within a non-discretionary account without letting their client know. Did your broker inform you before every trade they made in your portfolio? Did you recognize every trade listed on the monthly or quarterly statements your brokerage firm sent to you? If not, your broker may have exercised discretion without the proper approval, which is a violation of FINRA Rule 2010.

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