John Huey Neely submitted a Letter of Acceptance Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly exercising discretion in customers’ accounts violating NASD Conduct Rule 2510(b) and FINRA Rule 2010.
From August 2009 until September 2018, Neely was registered with Berthel Fisher & Co. Financial Services (Berthel Fisher) as a General Securities Representative. The FINRA findings stated that between June 2014 and June 2015, Neely exercised discretion in effecting hundreds of transactions in two customers’ brokerage accounts without first obtaining written approval from the customers. FINRA further stated that although the customers did give him verbal consent, he did not seek approval from his firm to accept the accounts as discretionary. Continue Reading