Did Steven Tarasius Yellen Cause You Investment Losses?
Steven Tarasius Yellen of El Paso, Texas submitted a Letter of Acceptance Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly utilizing discretion and engaging in unauthorized trading thereby violating NASD Rule 2510(b) and FINRA Rules 4511 and 2010.
Steven Tarasius Yellen was registered with Morgan Stanley as a General Securities Representative when FINRA alleged he exercised discretion in a customer’s account without written consent or acceptance of the account as discretionary and engaged in unauthorized trading. FINRA found that Mr. Yellen opened a second account for the same customer without knowledge and transferred $30,000 from the original account to execute two unauthorized transactions. The firm settled with the customer and terminated Mr. Yellen, filing a Uniform Termination Notice for Securities Industry Registration (“Form U5”).
In March 2016, Mr. Yellen registered with Ameriprise Financial Services. FINRA found, while at this firm, he again engaged in unauthorized trading by entering 16 trades for 10 customers beyond the option trading risk levels. According to FINRA, Mr. Yellen caused this firm’s books and records to be incorrect by mismarking “solicited” options order tickets as “unsolicited” to bypass the firm systems that blocked him. FINRA later found that before accepting employment from Ameriprise, Mr. Yellen sent personal information of Morgan Stanley customers without knowledge or consent, to his own email, in violation of the firm’s policy. As a result, Mr. Yellen caused Morgan Stanley to violate its obligations under Regulation S-P. Steven Tarasius Yellen, without admitting or denying FINRA’s findings, was fined $25,000 and suspended from association with any FINRA member in all capacities for one year.
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We are top rated securities arbitration attorneys and highly ranked lawyers by our peers in Martindale Hubble and Thomson Reuters SuperLawyers who represent investors in securities arbitrations conducted by the Financial Industry Authority (FINRA), American Arbitration Association (AAA) and JAMS alternative dispute resolution forums serving Texas investors. This state has thousands of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisor offices, comes the potential for their stockbrokers, financial advisors, and other representatives to engage in all kinds of stockbroker misconduct which violates Federal and Texas securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms’ policies and procedures.
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At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in all kinds of securities law and investment disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. We handle a wide range of practice areassuch asfraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations. Attorney Pearce and his staff represent investors throughout Texas, and across the United States on a CONTINGENCY FEE basis, which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
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The Law Offices of Robert Wayne Pearce, P.A. are highly experienced lawyers who successfully handle securities law matters and investment disputes in FINRA, AAA and JAMS arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by an attorney with over 40 years of experience and success in all kinds of securities law and investment disputes in FINRA, AAA and JAMS arbitrations serving Texas citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.