FINRA Suspends Former PlanMember Securities Broker Quincy Caldwell for Unsuitable Mutual Fund Trades
Quincy DeEarl Caldwell, of Katy Texas, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly recommending and executing unsuitable mutual fund trades, including switches, in customer accounts, causing the customers to suffer losses of approximately $57,820. FINRA alleged that Quincy Caldwell recommended and effected unsuitable mutual fund trades in six customer accounts, including 22 mutual fund switches. Whereas Class A mutual funds are designed to be longer-term investments, Mr. Caldwell allegedly made 119 unsuitable short-term mutual fund trades, an average holding time of just 110 days. Due to Mr. Caldwell’s unsuitable recommendations and short-term mutual fund trades, his six customers incurred $57,820 in Class A mutual fund sales charges.
Continue Reading