Thomas S. Martin of Glorieta, New Mexico 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 engaging in unauthorized transaction in violation of NASD Rule 2510 and FINRA Rule 2010.
In 2002, Thomas S. Martin joined Edward Jones as a General Securities Representative and General Securities Principle. According to the FINRA findings, Mr. Martin exercised discretion in four accounts held by four separate customers. The FINRA findings stated that although the customers knew Mr. Martin placed 19 discretionary trades in the accounts and the trades did not result in any losses, he did not have written authorization to do so. In addition to the findings, Mr. Martin allegedly failed to request or obtained approval from Edward Jones and had previously received written reprimands from the firm for exercising discretion without written authority. Continue Reading