Cadaret Stockbroker Sanctioned For Unauthorized Trading
Yvonne Marie Nirelli (also known as Yvonne Marie Fifield and as Yvonne Searles) of Canastota 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 she traded in customer accounts at Cadaret Grant without procuring written authorization from customers of the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2019061646403 (Aug. 12, 2020).
According to the AWC, Nirelli’s trading was reviewed by FINRA personnel as part of its broader examination of Cadaret Grant between August of 2017 and August of 2018. The AWC stated that throughout that review period, 101 trades had been facilitated by Nirelli on a discretionary basis which affected 64 accounts at Cadaret Grant.
The AWC stated that Nirelli’s exercise of discretion was unpermitted because customers did not provide her with any written authorization. The securities broker dealer also never authorized those accounts for purposes of Nirelli’s discretionary trading. FINRA determined that Nirelli violated FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
FINRA Public Disclosure confirms that a customer filed an investment related complaint involving Nirelli’s conduct in which the customer requested $200,000.00 in damages based upon allegations that misrepresentations had been made by the stockbroker in regard to a fixed annuity that had been sold to the Cadaret Grant customer.
Nirelli has been employed by Cadaret Grant since July 9, 1987.