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FINRA Fines and Suspends Money Concepts Broker for Discretionary Trade Violations

Guy Conger, a registered representative with Money Concepts Capital Corp. (Money Concepts), submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he exercised discretion more than 200 times in two customer accounts without the necessary written authorization.

FINRA found that Guy Charles Conger, of San Antonio, Texas, improperly used discretion in two customer accounts to place trades without written authority or acceptance from his member firm of the account as discretionary.  According to FINRA, Mr. Conger also mismarked approximately 2,000 order tickets as “unsolicited” when they were “solicited,” and mismarked at least 200 order tickets as not discretionary when they were discretionary.  Further, FINRA’s findings state that Mr. Conger made misleading and unwarranted statements in his e-mail communications with customers.

Mr. Conger was assessed a deferred fine of $15,000 and suspended from association with any FINRA member in any capacity for six months.   The suspension is in effect from February 20, 2018 through August 19, 2018.

Stockbrokers, registered representatives, and other financial industry professionals have been known to engage in many types of misconduct which are in violation of industry rules and procedures.  In order to protect customers from misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system.  The implementation of the rules requires that supervisors monitor firm employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, as well as the brokerage firm’s own policies and procedures.  If broker dealers and their supervisors fail to establish and implement these protective measures, they may be held liable to account holders for losses resulting from the misconduct.  As a result, account holders who have suffered losses stemming from unauthorized transactions by their broker or registered representative can file a claim to recover damages against broker-dealers, like Money Concepts Capital Corp., which have a duty to supervise its employees in order to prevent stockbroker misconduct.

Have you suffered losses in your Money Concepts Capital Corp. investment account due to your stockbroker’s unauthorized trades or other stockbroker misconduct?  If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.  Mr. Pearce is accepting clients with valid claims against Money Concepts Capital Corp. stockbrokers for unauthorized and prohibited misconduct.

The most important of investors’ rights is the right to be informed!  This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida.  For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues.  The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally!  Please post a comment, call (800) 732-2889, send Mr. Pearce an email at pearce@rwpearce.com, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.