Paul Hack, a broker employed by Raymond James & Associates, Inc. (Raymond James), submitted a Letter of Acceptance, Waiver and Consent in which he consented to, but did not admit to or deny, the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that he accepted instructions from a customer’s husband to withdraw account funds of at least $200,000 without that customer’s written authorization and sanctions described below.
Paul Hack, of Bloomfield Hills, Michigan, was the registered representative for the accounts held by the customer involved in this matter. FINRA found that between January 2008 and December 2011, the customer’s spouse, who allegedly had no authority over the accounts, requested that Mr. Hack or his assistants withdraw funds from the customer’s accounts. The customer’s spouse allegedly requested these funds withdrawals on at least 20 occasions. Notwithstanding the policies of Raymond James, which required a written Letter of Authorization (LOA) from the customer and prior approval from the Branch Office Manager, Mr. Hack’s sales assistants delivered checks to the customer’s spouse which were drawn on the accounts of the customer. Consequently, Mr. Hack was fined $10,000 and suspended from association with any FINRA member in any capacity for 10 business days. The suspension was in effect from August 15, 2016 through August 26, 2016. Continue Reading