Cadaret Grant Stockbroker Admits To Unauthorized Trading
Paul Francis Seymour of Plattsburgh New York a stockbroker currently registered with 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 Seymour engaged in unauthorized trading in investor accounts. Letter of Acceptance Waiver and Consent No. 2019061646404 (Oct. 14, 2020).
According to the AWC, between December of 2017 and May of 2018, 22 trades had been effected by Seymour on a discretionary basis in 16 accounts. The AWC stated that customers were apprised of Seymour making trades on a discretionary basis but had not formally authorized these transactions in writing.
Seymour was also not permitted by Cadaret Grant to effect trades in customer accounts using discretion as the securities broker dealer did not approve those customers’ accounts for that reason. FINRA found that Seymour violated FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
Seymour has been referenced in a customer initiated investment related written complaint where the customer requested compensation founded on allegations that mutual fund recommendations were not appropriate for the customer. The stockbroker has also been terminated from prior securities broker dealer Pruco Securities based upon accusations of wrongful taking of property or misappropriation of funds.
Seymour has been registered with Cadaret Grant as a stockbroker since May 24, 2006 and as an investment adviser representative since June 11, 2019.