David Francis Dalton of Chestnut Hill, Massachusetts 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 and causing his firm to create and maintain inaccurate books and records in violation of NASD Rules 2510(b) and 3110 and FINRA Rules 4511 and 2010.
In February 2002, David Francis Dalton joined Moors & Cabot as a General Securities Representative. According to the FINRA findings, Dalton exercised discretion 221 times in his firm’s customer accounts without first obtaining written approval. The findings stated that when Dalton transmitted the order information for those trades, he allegedly failed to disclose that he used his discretion, causing the firm to create and maintain inaccurate order memoranda. In addition to the FINRA findings, Dalton allegedly made false statements regarding his exercise of discretion for the transactions on three of his annual compliance questionnaires. Continue Reading