FINRA Fines and Suspends Money Concepts Broker for Discretionary Trade Violations
Guy Conger, a registered representative with Money Concepts Capital Corp. (Money Concepts), submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he exercised discretion more than 200 times in two customer accounts without the necessary written authorization. FINRA found that Guy Charles Conger, of San Antonio, Texas, improperly used discretion in two customer accounts to place trades without written authority or acceptance from his member firm of the account as discretionary. According to FINRA, Mr. Conger also mismarked approximately 2,000 order tickets as “unsolicited” when they were “solicited,” and mismarked at least 200 order tickets as not discretionary when they were discretionary. Further, FINRA’s findings state that Mr. Conger made misleading and unwarranted statements in his e-mail communications with customers.
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