Cadaret Stockbroker Caught Unauthorized Trading
Nina MacGinn Maines (also known as Nina MacGinn Sander) of Baldwinsville New York a stockbroker and investment adviser representative of Cadaret Grant Co. Inc. 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 she engaged in unauthorized transactions during the period that she was associated with Cadaret Grant. Letter of Acceptance Waiver and Consent No. 2019060749102 (Sept. 23, 2020).
According to the AWC, on December 21, 2018, approximately 75 trades had been executed by Maines in 24 Cadaret Grant customer accounts. The AWC stated that trades had been discussed with the securities broker dealer’s customers days prior to trades being effected rather than on the days of trades.
FINRA stated that Maines did not possess written authorization from customers to permit transactions being executed at his discretion. The AWC indicated that Maines also neglected to obtain authorization from the securities broker dealer to exercise discretion in customer accounts. FINRA found Maines to be in violation of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
Maines has been a stockbroker of Cadaret Grant since March 17, 2003 and an investment adviser representative since August 29, 2019.