Men shaking hands with secret money payoff

Arlyn Roy Stokesbary of Slayton Minnesota a stockbroker formerly registered with Thrivent Investment Management Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Stokesbary executed unauthorized trades in customer accounts during the period in which he was associated with the firm. Letter of Acceptance Waiver and Consent No. 2018059898701 (Aug. 23, 2019).

According to the AWC, in August of 2017, Stokesbary was identified by the firm as having placed multiple trades within customer accounts in close succession to each other despite those customer accounts not being owned by related parties. The AWC stated that Stokesbary was asked by the firm about the trades at which point he admitted to making them without consulting with customers. Stokesbary lacked any written authorization from customers to make discretionary trades; conduct which ran afoul of the firm’s rules.

FINRA indicated that after Stokesbary was confronted by the firm, he effected one hundred nine trades in accounts owned by twenty customers. Those customers were not contacted by him on the days that the trades had been placed. The AWC stated that Stokesbary lacked any written approval from customers to warrant his discretionary trading. Moreover, Stokesbary failed to request any authorization from the firm in regard to his exercise of discretion. FINRA found Stokesbary’s trading violative of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).

Stokesbary was terminated by Thrivent Investment Management Inc. on August 30, 2018 supported by allegations that he failed to cease trading in customer accounts in a manner which ran afoul of the firm’s policies especially after the firm had warned him about his improper trading.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.

Questions or comments regarding the source or accuracy of any information, including any subsequent developments, should be directed to:  [email protected]

This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer.

Guiliano Law Group, P.C.

Our practice is limited to the representation of investors. Over the last three decades, we have recovered more than a hundred million dollars for more than 1,000 injured investors from all over the United States and several foreign countries. We accept representation purely on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a confidential consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.

For more information concerning common claims against stockbrokers and investment professionals, please visit us at stockbrokerfraud.com

To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com

Stockbroker Fraud. Securities Arbitration and Investment Fraud Lawyers.  
National Practice. Contingent Fee. Confidential Free Consultation.

 (877) SEC-ATTY

Tags: ,

No comments yet.

Leave a Reply

Name (required)

Email (will not be published) (required)

Website