Cadaret Grant Stockbroker Sanctioned For Unauthorized Trading
Robert James McNamara of Albany New York a stockbroker currently associated with Cadaret Grant Co. has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on findings that McNamara facilitated unauthorized transactions in customer accounts during the period in which he was employed by Cadaret Grant. Letter of Acceptance Waiver and Consent No. 2019061646401 (July 1, 2020).
According to the AWC, between August of 2017 an August of 2018, at least 90 trades were effected by McNamara in 18 Cadaret Grant customer accounts. The AWC stated that McNamara was never provided with written authorization from those customers to effect those trades. Cadaret Grant did not approve those customers’ accounts for purposes of his discretionary trading. FINRA determined that McNamara’s exercise of discretion was violative of FINRA Rules 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
McNamara has been registered with Cadaret Grant since January 3, 1994.