Articles Tagged with Essex Securities

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Lawrence Thomas, a registered representative formerly employed with Essex Securities LLC, submitted a Letter of Acceptance, Waiver, and Consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he directed his assistant to forge the signatures on account documents without the customers’ knowledge or approval.

FINRA’s findings state that Lawrence Marshall Thomas, of North Attleboro Massachusetts, instructed his assistant to forge the signatures of three customers on approximately ten occasions from January 2015 through September 2015.  Mr. Thomas’ assistant copied and pasted authentic client signatures onto new firm documents, including new account forms and applications.  Although the customers requested the underlying transactions, they did not know of or approve of the falsified signatures. Continue reading →

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Jennifer Joice Trowbridge, a former broker employed by the Boynton Beach, Florida branch of Essex Securities LLC, submitted a Letter of Acceptance, Waiver and Consent in which she consented to, but did not admit to or deny, the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that she made unsuitable mutual fund switch recommendations which cost her customers nearly $60,000 in unnecessary commissions.

According to FINRA, Jennifer Trowbridge, of Boca Raton, Florida, recommended, on at least 29 occasions and in 7 customer accounts, a series of mutual fund switches which were unsuitable for those customers. Ms. Trowbridge allegedly recommended that the customers purchase Class A mutual funds, for which they paid commissions and sales charges. FINRA alleged she subsequently recommended that they sell the mutual funds within just 1 month to 13 months, with the average being just 6 months that the customers held the funds prior to selling. FINRA found that Ms. Trowbridge used the funds from the sales of the mutual funds to purchase other mutual funds, for which the customers paid additional commissions and fees. FINRA’s findings state that Ms. Trowbridge’s customers paid approximately $60,000 in unnecessary commissions and fees on her recommended switches between mutual funds. Continue reading →