Articles Tagged with Maxim Group

Murry Meir Shapero of Aventura, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for violating NASD Rule 2510(b) and FINRA Rule 2010.

NASD Rule 2510(b) prohibits registered representatives from exercising discretion in a customer’s account unless the customer gives prior written authorization to the registered representative and the registered representative’s member firm provides written acceptance of the account as discretionary.’ FINRA Rule 2010 requires that member firms and registered representatives “observe high standards of commercial honor and just and equitable principles of trade.” A violation of NASD Rule 2510(b) is also a violation of FINRA Rule 2010. Continue Reading

Eric Howard Kunis, of South Setauket, New York, submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which Kunis was assessed a deferred fine of $2,500, suspended for two months and ordered to pay $2,189.78 in restitution to his customers.

From 2002 through 2018, Kunis was registered with Maxim Group as a General Securities Principal. According to FINRA, between February 2012 and January 2017 Kunis engaged in an unsuitable pattern of short-term trading in the accounts of eleven customers. FINRA stated that Kunis repeatedly recommended his customers purchase and sell unit investment trusts (UITs) before their maturity date, causing the customers to incur unnecessary sales charges. Based on the foregoing, FINRA concluded that Kunis violated NASD Rule 2310 along with FINRA Rules 2111 and 2010. Continue Reading