Massachusetts Stockbroker Misconduct Lawyer - Law Offices of Robert Wayne Pearce

Aug 21, 2020

Former Moors & Cabot Stockbroker David Francis Dalton Suspended for Unauthorized Trading

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.

Oct 20, 2017

Key Investment Services Broker Suspended by FINRA for Altering Variable Annuity Form

Robert Hurley, a formerly registered broker with Key Investment Services LLC, 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 altered a customer’s variable annuity form without the customer’s consent. FINRA’s findings state that Robert Francis Hurley, of Agawam, Massachusetts, altered and initialed the variable annuity distribution form after the client had signed it. According to FINRA, Mr. Hurley changed the payment frequency and modified how payments would be calculated, allegedly placing the customer’s initials next to both alterations. Mr. Hurley’s alterations caused his customer to receive a much larger annuity distribution payment than expected.