Credit Suisse Stockbroker Sanctioned For Unauthorized Trading
Albert Dishner of New York New York a stockbroker formerly associated with Credit Suisse Securities (USA) LLC has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he facilitated unauthorized transactions in the account of a Credit Suisse customer. Letter of Acceptance Waiver and Consent No. 2016051048101 (June 17, 2020).
According to the AWC, between January of 2011 and July of 2015, trades were effected by Dishner on a discretionary basis even though he lacked written authorization from the customer. Hundreds of options and equities transactions were executed in the customer’s two brokerage accounts by Dishner.
FINRA stated that Dishner effected trades without permission from Credit Suisse because it had not approved the customer’s account for purposes of discretionary trading by its stockbrokers. FINRA determined that Dishner’s conduct was violative of FINRA Rules 2360(b)(18)(A) and 2020 as well as National Association of Securities Dealers (NASD) Rule 2510(b).
Dishner has been identified in four customer initiated investment related disputes concerning accusations of his misconduct while employed by Credit Suisse and Salomon Smith Barney Inc. FINRA Public Disclosure confirms that a customer filed an investment related complaint concerning Dishner’s activities where the customer sought more than $10,000.00 in damages founded on accusations that the customer was placed into unsuitable limited partnerships and mutual funds. The complaint also alleges that the Salomon Smith Barney customer’s account was churned and that trades were executed by Dishner without the customer’s permission.
Another customer initiated investment related complaint pertaining to Dishner’s conduct was settled for $28,000.00 in damages supported by allegations that an excessive amount of the customer’s assets were used for the purchase of eBay common or preferred stock shares during the period that Dishner was employed by Credit Suisse Securities. Dishner has also been referenced in a customer initiated investment related written complaint where the customer sought $354,000.00 in damages supported by allegations that equities were sold without the customer’s permission and that the customer’s investment instructions were not followed by the stockbroker.
On December 30, 2016, another customer initiated investment related arbitration claim in reference to Dishner’s conduct was resolved for $205,000.00 in damages based upon accusations of negligence and the violations of federal and state securities laws and FINRA rules with regard to exchange traded funds transactions that were effected in the customers’ Credit Suisse account by Dishner. FINRA Arbitration No. 2016-01922. According to the claim, trades were effected on an excessive basis. The customer’s account was allegedly churned by Dishner. The claim also alleges that there was a breach of contract and breach of fiduciary duty which caused the customer to experience losses. Credit Suisse was accused of supervisory failures.
Dishner has been registered with Morgan Stanley since July 28, 2015.