Cheryl A. George of East Aurora, New York submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which George was fined $5,000 and suspended for allegedly participating in unauthorized transactions.
In June 2009, George joined RBC Capital Markets LLC as an Investment Company Products Variable Contracts Representative and a General Securities Representative. According to FINRA, RBC suspended George for ten business days for failing to observe firm policies and procedures regarding the authentication of a wire transfer request. The findings stated that an email was sent to George requesting a $33,000 transfer to a third-party company, which was not from the customer but rather an imposter. FINRA found that George only never received verbal authorization from the customer to sell securities in the account totaling $42,980. FINRA further stated that Ms. George falsely attested that she did receive verbal authorization and mismarked the order tickets as unsolicited.
The findings stated that Ms. George violated FINRA Rule 2010 by making a false attestation in the Firm’s systems. Further, George violated FINRA Rules 4511 and 2010 by causing the Firm to make and preserve inaccurate books and records that falsely stated that the orders were unsolicited and nondiscretionary, in violation of Section 17(a) of the Exchange Act and Rule 17a-3 thereunder.
Without admitting or denying FINRA’s findings, Cheryl A. George was suspended from association with any FINRA member in all capacities for 20 days. The suspension was in effect from August 6,2018, through August 31, 2018.
Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from unauthorized transactions and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like RBC Capital Markets, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your RBC Capital Markets account due to unauthorized trading by your broker? Was Cheryl A. George your stockbroker? 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 RBC Capital Markets LLC stockbrokers who may have engaged in broker misconduct and caused investors’ losses.
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 40 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 visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at email@example.com for answers to any of your questions about this blog post and/or any related matter.