FINRA Sanctions Laidlaw Stockbroker For Unauthorized Trading
Andrew Justin Grant of Melville New York a stockbroker currently registered with Laidlaw Company (UK) Ltd. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected trades in the accounts of Laidlaw Company customers without authorization. Letter of Acceptance Waiver and Consent No. 2018059749401 (Jan. 17, 2020).
According to the AWC, between January 1, 2018 and April 30, 2019, six hundred thirty-four trades had been placed by Grant on a discretionary basis. The AWC stated that the transactions, which were effected in the accounts of thirteen customers, were all unauthorized.
Laidlaw Company customers did not provide any written authorization to the stockbroker to warrant his exercise of discretion in their accounts. Laidlaw Company also did not deem the customers’ accounts to be approved for purposes of Grant’s discretionary trading. FINRA found that the stockbroker’s conduct violated FINRA Rules 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
FINRA Public Disclosure additionally reveals that Grant is the subject of a customer initiated investment related written complaint on August 2, 2018 in which the customer requested $125,000.00 in damages based upon allegations that between 2015 and 2017, when Grant was associated with Laidlaw Company, the customer was placed in options and over-the-counter equities that were in no way suitable for the customer given the customer’s investment objectives, risk tolerance or needs.
Since February 26, 1997, Grant has been associated with eight different securities broker dealers, six of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach